Argus Increases Microchip Technology (MCHP) Price Target to $115.00

Microchip Technology (NASDAQ:MCHP) had its price target upped by Argus to $115.00 in a research note issued to investors on Monday, The Fly reports. The firm presently has an “average” rating on the semiconductor company’s stock. Argus’ price target indicates a potential upside of 18.65% from the company’s previous close. The analysts noted that the move was a valuation call.

Several other equities analysts have also commented on MCHP. Rosenblatt Securities reissued a “buy” rating and set a $125.00 price objective on shares of Microchip Technology in a research report on Wednesday, June 6th. Zacks Investment Research lowered Microchip Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, May 9th. Morgan Stanley raised their price objective on Microchip Technology from $96.00 to $97.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 9th. Stifel Nicolaus reissued an “average” rating and set a $112.00 price objective on shares of Microchip Technology in a research report on Tuesday, March 6th. Finally, BidaskClub raised Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday, May 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Microchip Technology currently has a consensus rating of “Buy” and an average price target of $112.85.

Shares of Microchip Technology stock opened at $96.92 on Monday. The company has a quick ratio of 1.43, a current ratio of 1.66 and a debt-to-equity ratio of 0.54. The firm has a market cap of $22.78 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 1.12 and a beta of 1.13. Microchip Technology has a 12 month low of $75.80 and a 12 month high of $104.20.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, May 8th. The semiconductor company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.27 by $0.13. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $984.80 million. Microchip Technology had a return on equity of 38.62% and a net margin of 6.41%. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.16 earnings per share. sell-side analysts anticipate that Microchip Technology will post 6.18 EPS for the current year.

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,308 shares of the business’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $215,913.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 4,696 shares of the business’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the transaction, the vice president now directly owns 19,711 shares of the company’s stock, valued at approximately $1,843,964.05. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the business. Caisse DE Depot ET Placement DU Quebec raised its position in Microchip Technology by 1.3% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 46,500 shares of the semiconductor company’s stock worth $4,248,000 after buying an additional 600 shares during the last quarter. Fiduciary Trust Co. raised its position in Microchip Technology by 2.7% in the 1st quarter. Fiduciary Trust Co. now owns 23,599 shares of the semiconductor company’s stock worth $2,156,000 after buying an additional 625 shares during the last quarter. Moors & Cabot Inc. raised its position in Microchip Technology by 7.4% in the 4th quarter. Moors & Cabot Inc. now owns 10,103 shares of the semiconductor company’s stock worth $888,000 after buying an additional 700 shares during the last quarter. IFM Investors Pty Ltd raised its position in Microchip Technology by 12.8% in the 1st quarter. IFM Investors Pty Ltd now owns 7,421 shares of the semiconductor company’s stock worth $678,000 after buying an additional 842 shares during the last quarter. Finally, Zeke Capital Advisors LLC raised its position in Microchip Technology by 28.6% in the 1st quarter. Zeke Capital Advisors LLC now owns 4,558 shares of the semiconductor company’s stock worth $416,000 after buying an additional 1,013 shares during the last quarter.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

The Fly

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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