Microchip Technology (NASDAQ:MCHP): B. Riley FBR Maintains Buy Rating Today, Has a Target of $100/Share

November 9, 2018 - By Vivian Park

Microchip Technology Incorporated (NASDAQ:MCHP) Logo

Investors sentiment increased to 1.1 in Q2 2018. Its up 0.29, from 0.81 in 2018Q1. It improved, as 32 investors sold Microchip Technology Incorporated shares while 236 reduced holdings. 67 funds opened positions while 228 raised stakes. 244.93 million shares or 1.39% less from 248.38 million shares in 2018Q1 were reported.

Bryn Mawr Trust has 0.28% invested in Microchip Technology Incorporated (NASDAQ:MCHP) for 54,217 shares. Crawford Investment Counsel holds 0.03% of its portfolio in Microchip Technology Incorporated (NASDAQ:MCHP) for 9,907 shares. Suntrust Banks Inc, a Georgia-based fund reported 25,126 shares. Cibc Asset Inc, a Ontario – Canada-based fund reported 30,904 shares. Sns Finance Grp Limited Liability Co reported 2,500 shares. Lmr Ptnrs Llp reported 29,274 shares. Moreover, Commonwealth Financial Bank Of Aus has 0% invested in Microchip Technology Incorporated (NASDAQ:MCHP). Shine Investment Advisory Services holds 275 shares. Alphaone Svcs Llc holds 6,130 shares. Washington Tru Comml Bank holds 0.02% or 1,318 shares in its portfolio. 156,629 were accumulated by Citigroup Inc. Roystone Mgmt Ltd Partnership holds 1.18% in Microchip Technology Incorporated (NASDAQ:MCHP) or 148,700 shares. Cibc has invested 0% in Microchip Technology Incorporated (NASDAQ:MCHP). First United Comml Bank Trust stated it has 1.4% in Microchip Technology Incorporated (NASDAQ:MCHP). Peddock Capital Advsr Lc accumulated 9,953 shares.

Since May 22, 2018, it had 0 insider buys, and 8 selling transactions for $2.43 million activity. SIMONCIC RICHARD J had sold 4,079 shares worth $381,590 on Tuesday, May 22. Another trade for 2,308 shares valued at $215,913 was made by Bjornholt James Eric on Tuesday, May 22. Shares for $439,311 were sold by DREHOBL STEPHEN V.

Microchip Technology (NASDAQ:MCHP) Rating Reaffirmed

In analysts note revealed to clients and investors on Thursday morning, The Buy rating of Microchip Technology (NASDAQ:MCHP) shares was maintained by Analysts at B. Riley FBR, who now has a $100 TP on the stock. B. Riley FBR’s TP would indicate a possible upside of 34.32 % from the previous close of the company.

Microchip Technology Incorporated (NASDAQ:MCHP) Ratings Coverage

Among 11 analysts covering Microchip Technology (NASDAQ:MCHP), 7 have Buy rating, 0 Sell and 4 Hold. Therefore 64% are positive. Microchip Technology has $150 highest and $75 lowest target. $107.55’s average target is 44.46% above currents $74.45 stock price. Microchip Technology had 17 analyst reports since May 30, 2018 according to SRatingsIntel. The firm has “Equal-Weight” rating given on Wednesday, October 3 by Morgan Stanley. The firm earned “Buy” rating on Friday, August 10 by Nomura. The company was downgraded on Tuesday, September 25 by Raymond James. Morgan Stanley maintained Microchip Technology Incorporated (NASDAQ:MCHP) on Tuesday, June 5 with “Equal-Weight” rating. The firm has “Overweight” rating given on Friday, July 27 by PiperJaffray. The rating was downgraded by Bank of America on Monday, September 17 to “Neutral”. JP Morgan maintained Microchip Technology Incorporated (NASDAQ:MCHP) rating on Friday, August 10. JP Morgan has “Overweight” rating and $113 target. The stock of Microchip Technology Incorporated (NASDAQ:MCHP) earned “Buy” rating by Jefferies on Thursday, November 8. As per Thursday, November 8, the company rating was maintained by FBR Capital. KeyBanc Capital Markets maintained the stock with “Overweight” rating in Friday, August 10 report.

The stock increased 5.90% or $4.15 during the last trading session, reaching $74.45. About 7.24M shares traded or 59.77% up from the average. Microchip Technology Incorporated (NASDAQ:MCHP) has declined 5.63% since November 9, 2017 and is downtrending. It has underperformed by 21.25% the S&P500.

Microchip Technology Incorporated develops, makes, and sells semiconductor products for various embedded control applications. The company has market cap of $17.54 billion. The firm offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity. It has a 153.82 P/E ratio. It also provides development tools that enable system designers to program microcontroller products for specific applications; analog, interface, mixed signal, and timing products comprising power management, linear, mixed-signal, high-voltage, thermal management, radio frequency , drivers, safety, security, timing, USB, Ethernet, wireless, and other interface products; and memory products consisting of serial electrically erasable programmable read-only memory, serial flash memories, parallel flash memories, and serial static random access memories for the production of very small footprint devices.

More recent Microchip Technology Incorporated (NASDAQ:MCHP) news were published by: Streetinsider.com which released: “Microchip Technology (MCHP) PT Lowered to $98 at Mizuho Securities” on November 08, 2018. Also Seekingalpha.com published the news titled: “Microchip Technology Incorporated (MCHP) CEO Steve Sanghi on Q2 2019 Results – Earnings Call Transcript” on November 08, 2018. Nasdaq.com‘s news article titled: “Microchip Technology Inc (MCHP) Q2 2019 Earnings Conference Call Transcript” with publication date: November 08, 2018 was also an interesting one.

Microchip Technology Incorporated (NASDAQ:MCHP) Institutional Positions Chart

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