Microchip Technology (NASDAQ:MCHP) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.36 and $1.46 for the period, compared to the Thomson Reuters consensus estimate of $1.43. The company issued revenue guidance of down 2-6% q/q, compared to the consensus revenue estimate of $1.27 billion.Microchip Technology also updated its Q2 2021
Pre-Market guidance to 1.36-1.46 EPS.
Shares of NASDAQ:MCHP opened at $100.70 on Friday. The company has a market cap of $25.40 billion, a price-to-earnings ratio of 40.28, a PEG ratio of 1.35 and a beta of 1.60. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.83 and a quick ratio of 0.57. The firm has a 50 day simple moving average of $104.40 and a 200 day simple moving average of $92.96. Microchip Technology has a one year low of $53.15 and a one year high of $115.11.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, August 4th. The semiconductor company reported $1.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.12. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.29 billion. Microchip Technology had a net margin of 12.23% and a return on equity of 24.31%. The firm’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.41 EPS. As a group, analysts expect that Microchip Technology will post 5.38 EPS for the current year.
Several equities analysts have recently issued reports on MCHP shares. BidaskClub raised shares of Microchip Technology from a sell rating to a hold rating in a research note on Thursday, August 20th. Rosenblatt Securities reaffirmed a buy rating and set a $110.00 price target on shares of Microchip Technology in a research note on Tuesday, June 2nd. KeyCorp raised their price target on shares of Microchip Technology from $105.00 to $115.00 and gave the company an overweight rating in a research note on Tuesday, July 7th. Piper Sandler reaffirmed a buy rating and set a $130.00 price target on shares of Microchip Technology in a research note on Monday, June 29th. Finally, Mizuho increased their price objective on shares of Microchip Technology from $92.00 to $105.00 and gave the stock a buy rating in a research report on Tuesday, June 2nd. Seven equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. Microchip Technology currently has a consensus rating of Buy and a consensus price target of $114.64.
In other Microchip Technology news, Director Wade F. Meyercord sold 1,000 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $110.89, for a total transaction of $110,890.00. Following the completion of the transaction, the director now directly owns 8,392 shares of the company’s stock, valued at $930,588.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,893 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $108.39, for a total value of $313,572.27. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,695 shares of company stock worth $836,561. Insiders own 2.15% of the company’s stock.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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