Microchip Technology (NASDAQ:MCHP) Updates Q1 Earnings Guidance

Microchip Technology (NASDAQ:MCHP) issued an update on its first quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $0.48-0.56 for the period, compared to the consensus earnings per share estimate of $0.58. The company issued revenue guidance of $1.22-1.26 billion, compared to the consensus revenue estimate of $1.33 billion.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Evercore ISI initiated coverage on Microchip Technology in a research report on Tuesday, April 16th. They issued an outperform rating and a $106.00 price target for the company. Needham & Company LLC boosted their target price on Microchip Technology from $85.00 to $90.00 and gave the company a buy rating in a research report on Friday, February 2nd. Susquehanna reiterated a positive rating and issued a $100.00 price target on shares of Microchip Technology in a report on Monday, April 8th. Stifel Nicolaus boosted their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a buy rating in a report on Wednesday, May 1st. Finally, Wolfe Research upgraded Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 target price on the stock in a research note on Thursday, January 18th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Microchip Technology presently has a consensus rating of Moderate Buy and an average target price of $92.75.

Microchip Technology Stock Up 2.6 %

Microchip Technology stock traded up $2.40 during midday trading on Monday, hitting $93.76. 6,986,486 shares of the company’s stock were exchanged, compared to its average volume of 5,597,373. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The company has a market cap of $50.67 billion, a PE ratio of 21.35, a P/E/G ratio of 2.79 and a beta of 1.60. The firm has a 50-day moving average of $88.05 and a two-hundred day moving average of $85.13. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $94.63.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company’s quarterly revenue was down 18.6% on a year-over-year basis. During the same period last year, the firm earned $1.48 earnings per share. As a group, analysts expect that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.