Microchip Technology Incorporated (MCHP) Upgraded to “Strong-Buy” by BidaskClub

Microchip Technology Incorporated (NASDAQ:MCHP) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday, July 19th.

Several other research analysts have also weighed in on MCHP. Summit Redstone upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and increased their price objective for the stock from $65.00 to $82.00 in a report on Tuesday, April 4th. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $77.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, April 7th. B. Riley restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a report on Monday, May 8th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Wednesday, May 10th. Finally, Citigroup Inc. set a $95.00 price objective on shares of Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, May 10th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $85.25.

Microchip Technology (MCHP) traded down 0.82% during trading on Wednesday, reaching $80.04. 1,862,580 shares of the company’s stock traded hands. Microchip Technology has a one year low of $54.51 and a one year high of $87.49. The stock has a market cap of $18.36 billion, a P/E ratio of 113.53 and a beta of 1.06. The firm’s 50 day moving average price is $80.37 and its 200-day moving average price is $76.00.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, May 9th. The semiconductor company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.10. The firm had revenue of $902.70 million for the quarter, compared to analysts’ expectations of $891.14 million. Microchip Technology had a net margin of 4.83% and a return on equity of 31.64%. The firm’s revenue was up 61.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.70 EPS. On average, equities analysts anticipate that Microchip Technology will post $4.96 earnings per share for the current fiscal year.

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In related news, CFO James Eric Bjornholt sold 2,510 shares of Microchip Technology stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the sale, the vice president now owns 14,263 shares in the company, valued at $1,145,176.27. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

Large investors have recently modified their holdings of the stock. First Midwest Bank Trust Division raised its position in Microchip Technology by 2.7% in the first quarter. First Midwest Bank Trust Division now owns 5,287 shares of the semiconductor company’s stock worth $390,000 after buying an additional 137 shares during the last quarter. Franklin Street Advisors Inc. NC purchased a new position in Microchip Technology during the first quarter worth about $232,000. Glaxis Capital Management LLC purchased a new position in Microchip Technology during the first quarter worth about $9,940,000. Retirement Systems of Alabama raised its position in Microchip Technology by 2.2% in the first quarter. Retirement Systems of Alabama now owns 104,618 shares of the semiconductor company’s stock worth $7,719,000 after buying an additional 2,230 shares during the last quarter. Finally, UMB Bank N A MO purchased a new position in Microchip Technology during the first quarter worth about $228,000. Institutional investors and hedge funds own 98.67% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.