Microchip Technology’s (MCHP) Buy Rating Reiterated at Rosenblatt Securities

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reiterated by analysts at Rosenblatt Securities in a research report issued on Wednesday, Benzinga reports. They currently have a $100.00 price objective on the semiconductor company’s stock. Rosenblatt Securities’ price target indicates a potential upside of 13.37% from the stock’s current price.

Several other research analysts have also recently weighed in on MCHP. Jefferies Financial Group began coverage on Microchip Technology in a research note on Monday, May 13th. They set a “buy” rating and a $115.00 target price for the company. Susquehanna lifted their target price on Microchip Technology from $105.00 to $115.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and lifted their target price for the company from $85.00 to $115.00 in a research note on Friday, May 24th. KeyCorp lifted their target price on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $90.00 target price (up previously from $80.00) on shares of Microchip Technology in a research note on Tuesday, May 7th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $102.17.

Microchip Technology Stock Performance

NASDAQ MCHP traded up $1.67 during trading hours on Wednesday, hitting $88.21. The company had a trading volume of 1,328,915 shares, compared to its average volume of 5,751,605. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The business has a fifty day simple moving average of $92.60 and a 200-day simple moving average of $89.50. The firm has a market cap of $47.33 billion, a P/E ratio of 25.42 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the company earned $1.56 earnings per share. The firm’s revenue for the quarter was down 40.6% on a year-over-year basis. Equities analysts predict that Microchip Technology will post 2.35 EPS for the current year.

Insider Transactions at Microchip Technology

In other news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at $7,470,608.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock worth $2,251,857 over the last three months. 2.07% of the stock is currently owned by insiders.

Institutional Trading of Microchip Technology

A number of large investors have recently bought and sold shares of the stock. Bleakley Financial Group LLC grew its holdings in shares of Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock worth $849,000 after purchasing an additional 119 shares during the last quarter. Financial Counselors Inc. lifted its stake in shares of Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after acquiring an additional 119 shares during the period. RFG Advisory LLC lifted its stake in shares of Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after acquiring an additional 123 shares during the period. SeaCrest Wealth Management LLC lifted its stake in shares of Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after acquiring an additional 131 shares during the period. Finally, Meridian Wealth Management LLC lifted its stake in shares of Microchip Technology by 5.1% during the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after acquiring an additional 137 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.