Microchip Technology (NASDAQ:MCHP) had its price target increased by KeyCorp from $165.00 to $170.00 in a report issued on Wednesday, The Fly reports. The brokerage currently has an overweight rating on the semiconductor companyâ€™s stock. KeyCorp also issued estimates for Microchip Technologyâ€™s Q3 2021 earnings at $1.52 EPS, Q4 2021 earnings at $1.59 EPS, FY2021 earnings at $5.94 EPS, Q1 2022 earnings at $1.73 EPS, Q2 2022 earnings at $1.86 EPS, Q3 2022 earnings at $1.77 EPS, Q4 2022 earnings at $1.80 EPS and FY2022 earnings at $7.16 EPS.
Other equities research analysts have also recently issued reports about the company. B. Riley upped their price target on Microchip Technology from $145.00 to $180.00 and gave the stock a buy rating in a research note on Monday, December 14th. Cowen boosted their target price on Microchip Technology from $102.00 to $125.00 and gave the stock a market perform rating in a report on Friday, November 6th. Morgan Stanley boosted their target price on Microchip Technology from $140.00 to $159.00 and gave the stock an overweight rating in a report on Monday, December 14th. The Goldman Sachs Group boosted their target price on Microchip Technology from $133.00 to $154.00 and gave the stock a buy rating in a report on Monday, December 14th. Finally, Rosenblatt Securities boosted their target price on Microchip Technology from $130.00 to $150.00 and gave the stock a buy rating in a report on Friday, November 6th. Six research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the companyâ€™s stock. Microchip Technology presently has an average rating of Buy and a consensus target price of $130.04.
Shares of MCHP stock opened at $142.88 on Wednesday. The stock has a market cap of $37.20 billion, a price-to-earnings ratio of 61.06, a PEG ratio of 1.59 and a beta of 1.70. The businessâ€™s fifty day moving average is $136.86 and its 200 day moving average is $114.32. Microchip Technology has a twelve month low of $53.15 and a twelve month high of $146.90. The company has a quick ratio of 0.74, a current ratio of 1.07 and a debt-to-equity ratio of 1.50.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, November 5th. The semiconductor company reported $1.56 earnings per share for the quarter, topping the Thomson Reutersâ€™ consensus estimate of $1.43 by $0.13. The company had revenue of $1.31 billion for the quarter, compared to analystsâ€™ expectations of $1.26 billion. Microchip Technology had a return on equity of 25.02% and a net margin of 11.62%. The firmâ€™s revenue for the quarter was down 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.43 earnings per share. Equities research analysts expect that Microchip Technology will post 5.68 earnings per share for the current fiscal year.
In other Microchip Technology news, VP Richard J. Simoncic sold 2,269 shares of the companyâ€™s stock in a transaction dated Monday, November 23rd. The stock was sold at an average price of $130.70, for a total value of $296,558.30. Following the completion of the sale, the vice president now owns 16,885 shares in the company, valued at $2,206,869.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 2,904 shares of the companyâ€™s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $126.18, for a total value of $366,426.72. Following the completion of the sale, the vice president now owns 16,630 shares of the companyâ€™s stock, valued at approximately $2,098,373.40. The disclosure for this sale can be found here. In the last three months, insiders sold 7,206 shares of company stock worth $928,698. 2.15% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Kestra Advisory Services LLC purchased a new stake in Microchip Technology in the third quarter worth about $589,000. Lloyd Advisory Services LLC. purchased a new stake in Microchip Technology in the third quarter worth about $30,000. Dimension Capital Management LLC purchased a new stake in Microchip Technology in the third quarter worth about $34,000. HM Payson & Co. grew its position in shares of Microchip Technology by 86.9% during the third quarter. HM Payson & Co. now owns 398 shares of the semiconductor companyâ€™s stock worth $41,000 after purchasing an additional 185 shares in the last quarter. Finally, Price Wealth LLC grew its position in shares of Microchip Technology by 851.9% during the third quarter. Price Wealth LLC now owns 514 shares of the semiconductor companyâ€™s stock worth $53,000 after purchasing an additional 460 shares in the last quarter. Institutional investors and hedge funds own 91.02% of the companyâ€™s stock.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive, industrial, computing, communication, lighting, power supplies, motor control, human machine interface, security, and wired and wireless connectivity applications.
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