Needham & Company LLC Reiterates “Buy” Rating for Microchip Technology (NASDAQ:MCHP)

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They currently have a $85.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 24.49% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Susquehanna dropped their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Mizuho set a $95.00 price target on Microchip Technology in a research report on Friday, October 18th. TD Cowen decreased their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

MCHP stock traded down $2.03 during midday trading on Tuesday, reaching $68.28. The company had a trading volume of 652,012 shares, compared to its average volume of 6,053,782. The firm has a 50-day moving average price of $73.57 and a 200-day moving average price of $82.08. Microchip Technology has a 1 year low of $62.63 and a 1 year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The company has a market capitalization of $36.67 billion, a P/E ratio of 49.17 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the business posted $1.54 earnings per share. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, research analysts anticipate that Microchip Technology will post 1.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Microchip Technology

Large investors have recently bought and sold shares of the business. Prospera Private Wealth LLC bought a new stake in shares of Microchip Technology during the third quarter valued at approximately $29,000. Peterson Financial Group Inc. bought a new position in Microchip Technology in the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology during the third quarter valued at approximately $34,000. Wolff Wiese Magana LLC lifted its holdings in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC boosted its stake in shares of Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the period. 91.51% of the stock is currently owned by institutional investors.

About Microchip Technology

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.