Microchip Technology (NASDAQ:MCHP) Given Buy Rating at Rosenblatt Securities

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reaffirmed by Rosenblatt Securities in a research note issued on Wednesday, Benzinga reports. They currently have a $100.00 price objective on the semiconductor company’s stock. Rosenblatt Securities’ price objective suggests a potential upside of 13.37% from the company’s previous close.

A number of other equities analysts have also recently issued reports on MCHP. Needham & Company LLC boosted their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Citigroup boosted their price objective on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Piper Sandler restated a “neutral” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. The Goldman Sachs Group boosted their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Finally, Evercore ISI started coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective on the stock. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $102.17.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded up $1.67 during mid-day trading on Wednesday, reaching $88.21. 1,328,915 shares of the company were exchanged, compared to its average volume of 5,751,605. 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 stock has a market capitalization of $47.33 billion, a PE ratio of 25.42 and a beta of 1.54. The company’s 50 day moving average price is $92.60 and its 200 day moving average price is $89.50. Microchip Technology has a 52 week low of $68.75 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly 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. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm’s revenue for the quarter was down 40.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.56 earnings per share. Sell-side analysts forecast that Microchip Technology will post 2.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction dated 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Matthew W. Chapman sold 2,748 shares of the company’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 transaction, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares in the company, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Caxton Associates LP lifted its stake in shares of Microchip Technology by 4,511.5% in the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after buying an additional 391,326 shares in the last quarter. SageView Advisory Group LLC lifted its position in Microchip Technology by 507.5% during the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the period. RFG Advisory LLC lifted its position in Microchip Technology by 228.4% during the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after purchasing an additional 8,931 shares during the period. AIA Group Ltd lifted its position in Microchip Technology by 80.4% during the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock valued at $2,697,000 after purchasing an additional 13,326 shares during the period. Finally, Hennessy Advisors Inc. lifted its position in Microchip Technology by 2,194.5% during the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after purchasing an additional 31,996 shares during the period. Institutional investors own 91.51% of the company’s stock.

About Microchip Technology

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.