Microchip Technology (MCHP) is Reiterated by Needham to Buy, Raises Price Target to $ 70

Microchip Technology (MCHP) was Reiterated by Needham to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 70 from a previous price target of $60 . Needham advised their investors in a research report released on Aug 9, 2016.

Many Wall Street Analysts have commented on Microchip Technology. Credit Agricole Initiated Microchip Technology on May 17, 2016 to “Buy”, Price Target of the shares are set at $58.

On the company’s financial health, Microchip Technology reported $0.84 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on Aug 8, 2016. Analyst had a consensus of $0.75. The company had revenue of $844.00 million for the quarter, compared to analysts expectations of $821.32 million. The company’s revenue was up 58.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 EPS.

Microchip Technology opened for trading at $56.6 and hit $57.13 on the upside on Monday, eventually ending the session at $56.63, with a gain of 0.12% or 0.07 points. The heightened volatility saw the trading volume jump to 19,53,194 shares. Company has a market cap of $12,165 M.

In a different news, on Jun 1, 2016, Ganesh Moorthy (COO) sold 10,000 shares at $51.69 per share price. According to the SEC, on May 31, 2016, Steve Sanghi (President, CEO, Chairman) sold 45,000 shares at $51.48 per share price. On May 27, 2016, Matthew W Chapman (director) sold 10,000 shares at $47.92 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.

Microchip Technology

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