Microchip Technology Incorporated (MCHP) – What Are Brokerages Saying About This Stock?

Microchip Technology Incorporated (NASDAQ:MCHP) has been given an average recommendation of “Moderate Buy” by the twenty-four analysts that are currently covering the firm, Marketbeat reports. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $97.71.

Several brokerages have recently commented on MCHP. B. Riley Financial decreased their price objective on Microchip Technology from $108.00 to $98.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Wells Fargo & Company dropped their target price on Microchip Technology from $88.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 20th. UBS Group reaffirmed a “buy” rating and set a $120.00 target price (down from $130.00) on shares of Microchip Technology in a research report on Friday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Microchip Technology in a research note on Wednesday, September 9th. Finally, Citigroup lowered their price target on Microchip Technology from $113.00 to $95.00 and set a “buy” rating for the company in a report on Friday, August 7th.

Insider Activity

In other news, CFO James Bjornholt sold 4,112 shares of Microchip Technology stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total transaction of $309,715.84. Following the completion of the sale, the chief financial officer directly owned 28,573 shares in the company, valued at approximately $2,152,118.36. The trade was a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.79% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Large investors have recently made changes to their positions in the stock. State Street Corp grew its stake in Microchip Technology by 2.9% in the 2nd quarter. State Street Corp now owns 28,851,673 shares of the semiconductor company’s stock valued at $2,631,273,000 after acquiring an additional 821,147 shares during the period. Van ECK Associates Corp increased its holdings in Microchip Technology by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company’s stock worth $750,102,000 after acquiring an additional 1,272,838 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Microchip Technology during the second quarter worth $537,423,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Microchip Technology by 23.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,060,528 shares of the semiconductor company’s stock worth $461,520,000 after acquiring an additional 962,362 shares during the period. Finally, Pictet Asset Management Holding SA lifted its holdings in Microchip Technology by 30.7% during the third quarter. Pictet Asset Management Holding SA now owns 4,881,363 shares of the semiconductor company’s stock valued at $379,661,000 after purchasing an additional 1,145,500 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 3.3%

NASDAQ:MCHP opened at $75.30 on Friday. The stock has a market capitalization of $40.89 billion, a price-to-earnings ratio of 112.39, a PEG ratio of 0.54 and a beta of 1.84. Microchip Technology has a 52 week low of $48.52 and a 52 week high of $105.91. The company has a quick ratio of 1.11, a current ratio of 1.92 and a debt-to-equity ratio of 0.83. The firm has a 50 day moving average of $75.37 and a 200 day moving average of $79.53.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.06. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The business’s revenue for the quarter was up 38.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 earnings per share. As a group, sell-side analysts anticipate that Microchip Technology will post 3.20 earnings per share for the current fiscal year.

About Microchip Technology

Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.