Microchip Technology (NASDAQ:MCHP) Earns Buy Rating from Rosenblatt Securities

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reissued by investment analysts at Rosenblatt Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $90.00 price objective on the semiconductor company’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 21.07% from the stock’s previous close.

Several other analysts have also recently weighed in on MCHP. JPMorgan Chase & Co. dropped their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Needham & Company LLC reduced their price target on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday. Susquehanna decreased their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a report on Monday, October 21st. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Finally, Mizuho set a $95.00 price target on Microchip Technology in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Up 0.8 %

NASDAQ MCHP opened at $74.34 on Wednesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The stock has a 50 day moving average price of $77.05 and a 200-day moving average price of $85.12. The company has a market capitalization of $39.88 billion, a P/E ratio of 51.99 and a beta of 1.53. Microchip Technology has a one year low of $71.76 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.54 earnings per share. As a group, equities analysts predict that Microchip Technology will post 1.73 EPS for the current fiscal year.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MCHP. Peterson Financial Group Inc. purchased a new position in Microchip Technology in the 3rd quarter valued at $34,000. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at approximately $39,000. Versant Capital Management Inc boosted its stake in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares during the last quarter. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Microchip Technology during the first quarter valued at approximately $54,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Microchip Technology in the second quarter valued at $55,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.