Microchip Technology (MCHP) reported quarterly earnings results on Monday, Aug-8-2016. The company said it had a profit of $0.84 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.09. Analysts had a consensus of $0.75. The company posted revenue of $844.00 million in the period, 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.
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.
Microchip Technology opened for trading at $55.97 and hit $56.57 on the upside on Friday, eventually ending the session at $56.56, with a gain of 1.45% or 0.81 points. The heightened volatility saw the trading volume jump to 20,03,162 shares. Company has a market cap of $12,150 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.