Microchip Technology (NASDAQ:MCHP) updated its first quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $1.26-1.49 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.56. The company issued revenue guidance of $1.26-1.40 billion, compared to the consensus revenue estimate of $1.39 billion.Microchip Technology also updated its Q1 2020 guidance to $1.26-1.49 EPS.
Several research firms have weighed in on MCHP. BidaskClub upgraded Microchip Technology from a sell rating to a hold rating in a report on Friday, April 5th. Rosenblatt Securities restated a buy rating and set a $115.00 target price on shares of Microchip Technology in a report on Monday. Needham & Company LLC lowered Microchip Technology from a strong-buy rating to a buy rating and cut their target price for the company from $100.00 to $90.00 in a report on Thursday, January 24th. Cowen assumed coverage on Microchip Technology in a research note on Friday, February 22nd. They issued a market perform rating and a $90.00 price objective on the stock. Finally, ValuEngine upgraded Microchip Technology from a sell rating to a hold rating in a research note on Monday, February 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $103.56.
Microchip Technology stock opened at $91.83 on Wednesday. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.83 and a current ratio of 2.92. The stock has a market capitalization of $22.31 billion, a PE ratio of 17.69, a price-to-earnings-growth ratio of 1.22 and a beta of 1.31. Microchip Technology has a 52 week low of $60.70 and a 52 week high of $104.20.
In related news, VP Mitchell R. Little sold 3,585 shares of the business’s stock in a transaction dated Wednesday, February 13th. The stock was sold at an average price of $91.17, for a total transaction of $326,844.45. Following the transaction, the vice president now directly owns 7,693 shares in the company, valued at $701,370.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew W. Chapman sold 4,660 shares of the business’s stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $91.04, for a total value of $424,246.40. Following the transaction, the director now owns 19,080 shares in the company, valued at $1,737,043.20. The disclosure for this sale can be found here. Insiders have sold 14,101 shares of company stock worth $1,258,210 over the last 90 days. Corporate insiders own 2.13% of the company’s stock.
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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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