Microchip Technology Inc. (NASDAQ:MCHP) had its target price lowered by SunTrust from $50.00 to $47.00 in a research note published on Wednesday morning, Market Beat.com reports. The firm currently has a neutral rating on the stock.

Several other equities analysts have also recently weighed in on MCHP. Pacific Crest restated an equal weight rating on shares of Microchip Technology in a research note on Tuesday, September 29th. Zacks Investment Research upgraded Microchip Technology from a strong sell rating to a buy rating and set a $50.00 target price on the stock in a research note on Tuesday, October 6th. B. Riley upgraded Microchip Technology from a neutral rating to a buy rating and set a $60.00 target price on the stock in a research note on Thursday, November 5th. Needham & Company LLC reiterated a hold rating on shares of Microchip Technology in a research note on Thursday, November 5th. Finally, Susquehanna reiterated a positive rating and set a $56.00 target price (up from $53.00) on shares of Microchip Technology in a research note on Thursday, November 5th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $52.89.

In other Microchip Technology news, VP Stephen V. Drehobl sold 3,953 shares of Microchip Technology stock in a transaction dated Monday, November 23rd. The stock was sold at an average price of $47.16, for a total transaction of $186,423.48. Following the completion of the transaction, the vice president now owns 11,101 shares of the company’s stock, valued at approximately $523,523.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,064 shares of Microchip Technology stock in a transaction dated Monday, November 23rd. The shares were sold at an average price of $47.09, for a total value of $97,193.76. The disclosure for this sale can be found here.

Other hedge funds and institutional investors have modified their holdings of the company. Eagle Asset Management raised its position in shares of Microchip Technology by 107.6% in the third quarter. Eagle Asset Management now owns 709,970 shares of the company’s stock valued at $30,592,000 after buying an additional 367,932 shares during the last quarter. R. M. Davis raised its position in shares of Microchip Technology by 3.6% in the fourth quarter. R. M. Davis now owns 566,048 shares of the company’s stock valued at $26,344,000 after buying an additional 19,858 shares during the last quarter. Assetmark raised its position in shares of Microchip Technology by 317.8% in the third quarter. Assetmark now owns 217,542 shares of the company’s stock valued at $9,374,000 after buying an additional 165,472 shares during the last quarter. BB&T Securities raised its position in shares of Microchip Technology by 0.8% in the fourth quarter. BB&T Securities now owns 137,106 shares of the company’s stock valued at $6,380,000 after buying an additional 1,099 shares during the last quarter. Finally, Trust Company of Virginia raised its position in shares of Microchip Technology by 4.5% in the fourth quarter. Trust Company of Virginia now owns 110,991 shares of the company’s stock valued at $5,165,000 after buying an additional 4,819 shares during the last quarter.

Shares of Microchip Technology (NASDAQ:MCHP) traded up 0.14% during midday trading on Wednesday, reaching $43.20. 2,710,732 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $44.97 and a 200 day moving average price of $44.76. Microchip Technology has a 12 month low of $37.77 and a 12 month high of $52.44. The company has a market cap of $8.77 billion and a P/E ratio of 24.99.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.03. The company had revenue of $559.40 million for the quarter, compared to the consensus estimate of $552.78 million. During the same quarter last year, the business posted $0.67 earnings per share. Microchip Technology’s revenue was up 2.4% on a year-over-year basis. Equities research analysts forecast that Microchip Technology will post $2.62 earnings per share for the current fiscal year.

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 (NASDAQ:MCHP), 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.

12 Month Chart for NASDAQ:MCHP

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