Microchip Technology (MCHP) Price Target Cut to $100.00 by Analysts at Needham & Company LLC

Microchip Technology (NASDAQ:MCHP) had its price objective trimmed by Needham & Company LLC to $100.00 in a report published on Friday morning, The Fly reports. The firm currently has a strong-buy rating on the semiconductor company’s stock.

MCHP has been the subject of a number of other research reports. BidaskClub lowered shares of Microchip Technology from a buy rating to a hold rating in a research report on Thursday, July 26th. Cfra reiterated a buy rating and issued a $110.00 target price on shares of Microchip Technology in a research report on Wednesday, September 19th. TheStreet lowered shares of Microchip Technology from an a- rating to a c+ rating in a research report on Thursday, August 9th. ValuEngine lowered shares of Microchip Technology from a hold rating to a sell rating in a research report on Tuesday, August 14th. Finally, Piper Jaffray Companies increased their target price on shares of Microchip Technology from $110.00 to $150.00 and gave the company an overweight rating in a research report on Friday, July 27th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $110.00.

Shares of Microchip Technology stock traded down $0.14 during trading on Friday, hitting $62.37. 8,242,209 shares of the stock were exchanged, compared to its average volume of 5,566,175. The firm has a market capitalization of $14.72 billion, a P/E ratio of 12.02, a P/E/G ratio of 0.68 and a beta of 1.10. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32. Microchip Technology has a 12 month low of $60.70 and a 12 month high of $104.20.



Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.48 by $0.13. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.21 billion. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. Microchip Technology’s revenue was up 24.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.31 EPS. As a group, sell-side analysts forecast that Microchip Technology will post 6.36 earnings per share for the current year.

In other news, CFO James Eric Bjornholt sold 1,887 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $159,130.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 3,998 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $337,151.34. Following the transaction, the vice president now owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Large investors have recently bought and sold shares of the company. Point72 Asset Management L.P. bought a new position in shares of Microchip Technology during the 2nd quarter valued at about $34,037,000. BKD Wealth Advisors LLC boosted its position in shares of Microchip Technology by 4.5% during the 3rd quarter. BKD Wealth Advisors LLC now owns 45,917 shares of the semiconductor company’s stock valued at $3,623,000 after purchasing an additional 1,982 shares in the last quarter. Tredje AP fonden bought a new position in shares of Microchip Technology during the 2nd quarter valued at about $2,321,000. Exane Derivatives lifted its stake in Microchip Technology by 63.7% during the third quarter. Exane Derivatives now owns 40,838 shares of the semiconductor company’s stock valued at $3,221,000 after buying an additional 15,890 shares in the last quarter. Finally, Glen Harbor Capital Management LLC lifted its stake in Microchip Technology by 21.3% during the second quarter. Glen Harbor Capital Management LLC now owns 30,128 shares of the semiconductor company’s stock valued at $2,740,000 after buying an additional 5,292 shares in the last quarter.

Microchip Technology Company Profile

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.

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The Fly

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