Citigroup Maintains Microchip Technology to Buy with Price Target $64.00

Brokerage firm Citigroup Maintains its rating on Microchip Technology(NASDAQ:MCHP). In a research note issued to the investors, the brokerage major Raises the price-target to $64.00 per share. The shares have been rated Buy. The rating by Citigroup was issued on Aug 9, 2016.

In a different note, CLSA said it Initiates Coverage on Microchip Technology, according to a research note issued on May 17, 2016. The shares have been rated ‘Buy’ by the firm.

Microchip Technology (MCHP) made into the market gainers list on Wednesdays trading session with the shares advancing 0.20% or 0.12 points. Due to strong positive momentum, the stock ended at $60.95, which is also near the day’s high of $61. The stock began the session at $60.76 and the volume stood at 11,17,348 shares. The 52-week high of the shares is $61.97 and the 52 week low is $37.77. The company has a current market capitalization of $13,122 M and it has 21,52,88,440 shares in outstanding.

Microchip Technology(MCHP) last announced its earnings results on Aug 8, 2016 for Fiscal Year 2017 and Q1.Company reported revenue of $844.00M. Analysts had an estimated revenue of $821.41M. Earnings per share were $0.84. Analysts had estimated an EPS of $0.74.

Several Insider Transactions has been reported to the SEC. On Jun 1, 2016, Ganesh Moorthy (COO) sold 10,000 shares at $51.69 per share price.Also, 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.

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