Microchip Technology (MCHP) was Reiterated by Stifel to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 60 from a previous price target of $54 . Stifel advised their investors in a research report released on May 5, 2016.
On the company’s financial health, Microchip Technology reported $0.70 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.68. The company had revenue of $568.44 million for the quarter, compared to analysts expectations of $563.61 million. The company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 EPS.
Microchip Technology closed down -0.38 points or -0.78% at $48.42 with 19,65,152 shares getting traded on Wednesday. Post opening the session at $48.52, the shares hit an intraday low of $48.26 and an intraday high of $48.91 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.
In a different news, on Mar 7, 2016, Wade F Meyercord (director) sold 6,000 shares at $46.38 per share price. According to the SEC, on Dec 4, 2015, Stephen V Drehobl (VP, MCU8 Division) sold 3,953 shares at $47.16 per share price. On Nov 24, 2015, Mitchell R Little (VP, WW Sales and Appns.) sold 2,785 shares at $47.22 per share price, according to the Form-4 filing with the securities and exchange commission.
Microchip Technology Incorporated develops manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments including semiconductor products and technology licensing. The Company’s product portfolio consists of general purpose and specialized 8-bit 16-bit and 32-bit microcontrollers; linear mixed-signal power management; thermal management; Radio-frequency (RF) safety security wired connectivity and wireless connectivity devices as well as serial EEPROMs Serial Flash memories Parallel Flash memories and serial Static Random Access Memory (SRAM). The Company also licenses Flash-IP solutions that are incorporated in a range of products. The Company’s products are applicable in the automotive communications computing consumer and industrial control markets.