SunTrust Banks Boosts Microchip Technology (NASDAQ:MCHP) Price Target to $119.00

Microchip Technology (NASDAQ:MCHP) had its price objective upped by SunTrust Banks from $113.00 to $119.00 in a research report released on Tuesday, January 7th, AnalystRatings.com reports. SunTrust Banks currently has a positive rating on the semiconductor company’s stock. SunTrust Banks also issued estimates for Microchip Technology’s Q3 2020 earnings at $1.14 EPS, Q4 2020 earnings at $1.34 EPS, FY2020 earnings at $5.00 EPS, Q1 2021 earnings at $1.50 EPS, Q2 2021 earnings at $1.62 EPS, Q3 2021 earnings at $1.63 EPS, Q4 2021 earnings at $1.62 EPS, FY2021 earnings at $6.37 EPS, Q1 2022 earnings at $1.74 EPS, Q2 2022 earnings at $1.81 EPS, Q3 2022 earnings at $1.77 EPS and FY2022 earnings at $7.07 EPS.

Other research analysts also recently issued research reports about the stock. Citigroup lifted their price target on shares of Microchip Technology from $104.00 to $109.00 and gave the stock a buy rating in a research note on Wednesday, November 6th. Piper Jaffray Companies reiterated a buy rating on shares of Microchip Technology in a research note on Friday, October 25th. Wells Fargo & Co reaffirmed a buy rating and issued a $120.00 target price (up from $115.00) on shares of Microchip Technology in a report on Tuesday, January 7th. Raymond James raised shares of Microchip Technology from a market perform rating to a strong-buy rating and set a $115.00 price objective on the stock in a research note on Wednesday, October 30th. Finally, Rosenblatt Securities reissued a buy rating and issued a $115.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Six investment 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. The stock has an average rating of Buy and a consensus price target of $110.88.

Shares of NASDAQ MCHP traded up $0.38 during midday trading on Tuesday, hitting $107.96. The company’s stock had a trading volume of 56,476 shares, compared to its average volume of 2,568,863. The business’s fifty day simple moving average is $103.03 and its two-hundred day simple moving average is $94.66. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.90 and a quick ratio of 0.60. Microchip Technology has a 1 year low of $73.25 and a 1 year high of $112.47. The firm has a market capitalization of $26.32 billion, a price-to-earnings ratio of 17.76, a price-to-earnings-growth ratio of 1.85 and a beta of 1.43.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $1.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.13. Microchip Technology had a net margin of 7.15% and a return on equity of 25.60%. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter last year, the firm posted $1.81 earnings per share. The business’s revenue for the quarter was down 6.6% compared to the same quarter last year. Analysts anticipate that Microchip Technology will post 4.9 EPS for the current fiscal year.

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,958 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $91.15, for a total transaction of $178,471.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Richard J. Simoncic sold 3,536 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $91.15, for a total transaction of $322,306.40. Following the completion of the sale, the vice president now owns 18,452 shares in the company, valued at $1,681,899.80. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in MCHP. Simon Quick Advisors LLC boosted its position in shares of Microchip Technology by 512.7% in the 4th quarter. Simon Quick Advisors LLC now owns 337 shares of the semiconductor company’s stock worth $35,000 after buying an additional 282 shares in the last quarter. Allred Capital Management LLC purchased a new stake in shares of Microchip Technology in the 4th quarter worth about $36,000. TCI Wealth Advisors Inc. boosted its position in shares of Microchip Technology by 118.0% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 447 shares of the semiconductor company’s stock worth $42,000 after buying an additional 242 shares in the last quarter. Doyle Wealth Management purchased a new stake in shares of Microchip Technology in the 2nd quarter worth about $53,000. Finally, Independence Bank of Kentucky boosted its position in shares of Microchip Technology by 80.0% in the 3rd quarter. Independence Bank of Kentucky now owns 585 shares of the semiconductor company’s stock worth $54,000 after buying an additional 260 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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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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