Wall Street brokerages expect Microchip Technology Inc. (NASDAQ:MCHP) to announce sales of $1.51 billion for the current fiscal quarter, according to Zacks. Eight analysts have made estimates for Microchip Technology’s earnings, with the lowest sales estimate coming in at $1.51 billion and the highest estimate coming in at $1.52 billion. Microchip Technology posted sales of $1.01 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 49.5%. The company is expected to issue its next quarterly earnings report after the market closes on Wednesday, November 7th.

On average, analysts expect that Microchip Technology will report full-year sales of $5.67 billion for the current financial year, with estimates ranging from $5.63 billion to $5.76 billion. For the next financial year, analysts forecast that the firm will post sales of $6.20 billion, with estimates ranging from $5.99 billion to $6.39 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.13. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the company posted $1.31 EPS. The company’s quarterly revenue was up 24.7% compared to the same quarter last year.

Several equities analysts have weighed in on the stock. Needham & Company LLC lowered their price objective on shares of Microchip Technology to $100.00 and set a “strong-buy” rating on the stock in a research report on Friday. Nomura lowered their price objective on shares of Microchip Technology from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 10th. BidaskClub cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Morgan Stanley lowered their price objective on shares of Microchip Technology from $95.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 10th. Finally, Zacks Investment Research lowered shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $110.00.

NASDAQ MCHP opened at $62.43 on Thursday. Microchip Technology has a twelve month low of $60.70 and a twelve month high of $104.20. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32. The company has a market cap of $14.69 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 0.68 and a beta of 1.10.

In related news, VP Stephen V. Drehobl sold 3,998 shares of Microchip Technology stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $337,151.34. Following the completion of the sale, the vice president now owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Ganesh Moorthy acquired 12,000 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 14th. The stock was acquired at an average cost of $84.10 per share, with a total value of $1,009,200.00. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Psagot Investment House Ltd. bought a new position in Microchip Technology in the 2nd quarter worth $125,000. Canada Pension Plan Investment Board raised its holdings in Microchip Technology by 14,030.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock worth $129,000 after acquiring an additional 1,403 shares during the period. Truvestments Capital LLC bought a new position in Microchip Technology in the 3rd quarter worth $116,000. Spirit of America Management Corp NY raised its holdings in Microchip Technology by 95.2% in the 3rd quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock worth $162,000 after acquiring an additional 1,000 shares during the period. Finally, Prospera Financial Services Inc bought a new position in Microchip Technology in the 2nd quarter worth $200,000.

Microchip Technology Company Profile

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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Earnings History and Estimates for Microchip Technology (NASDAQ:MCHP)

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