Microchip Technology Incorporated (NASDAQ:MCHP) has received a “Moderate Buy” recommendation from 18 brokerages covering the company, with four analysts holding a hold recommendation and 14 assigning a buy recommendation. The average 12-month price target is $101.06. Recent analyst reports have increased price targets for Microchip Technology, with Needham & Company LLC, Stifel Nicolaus, B. Riley, and Susquehanna all giving buy ratings. Evercore ISI also initiated coverage with an outperform rating.
Shares of MCHP opened at $92.06, with a market capitalization of $49.43 billion. The company recently announced quarterly earnings, meeting analyst estimates with $0.57 earnings per share. Microchip Technology also increased its dividend, now at $1.81 on an annualized basis. There has been insider selling, with VP Stephen V. Drehobl and CFO James Eric Bjornholt both selling shares.
Institutional investors and hedge funds have added or reduced stakes in Microchip Technology, including Glenmede Trust Co. NA, Advisors Asset Management Inc., Alps Advisors Inc., Lido Advisors LLC, and JT Stratford LLC. Microchip Technology develops, manufactures, and sells smart, connected, and secure embedded control solutions in various industries.
Overall, Microchip Technology has been performing well, receiving positive ratings from analysts and showing growth in its financials. With a strong market presence and innovations in embedded control solutions, the company is poised for continued success in the future.
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