Microchip Technology (NASDAQ: MCHP)‘s stock had its “strong-buy” rating reiterated by investment analysts at ISI Group in a note issued to investors on Wednesday. They currently have a $42.00 target price on the stock.
Shares of Microchip Technology traded down 0.35% during mid-day trading on Wednesday, hitting $36.70. Microchip Technology has a 52 week low of $28.92 and a 52 week high of $37.63. The stock’s 50-day moving average is currently $35.5. The company has a market cap of $7.170 billion and a P/E ratio of 51.01.
Microchip Technology last announced its earnings results on Thursday, February 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. The company had revenue of $416.00 million for the quarter, compared to the consensus estimate of $411.47 million. During the same quarter in the previous year, the company posted $0.42 earnings per share. The company’s revenue for the quarter was up 26.4% on a year-over-year basis. Microchip Technology has set its Q4 guidance at $0.45-0.49 EPS. On average, analysts predict that Microchip Technology will post $1.84 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at SunTrust initiated coverage on shares of Microchip Technology in a research note to investors on Wednesday. They set a “neutral” rating and a $38.00 price target on the stock. Separately, analysts at Needham & Company raised their price target on shares of Microchip Technology from $37.00 to $40.00 in a research note to investors on Monday, February 11th. They now have a “buy” rating on the stock. Finally, analysts at Zacks upgraded shares of Microchip Technology from an “underperform” rating to a “neutral” rating in a research note to investors on Monday, February 11th. They now have a $38.00 price target on the stock.
Seven equities research analysts have rated the stock with a buy rating, two have assigned an overweight rating, and ten have issued a hold rating to the stock. Microchip Technology presently has a consensus rating of “overweight” and an average price target of $38.87.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.
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