Rosenblatt Securities Reaffirms Buy Rating for Microchip Technology (NASDAQ:MCHP)

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating restated by Rosenblatt Securities in a report issued on Thursday,Benzinga reports. They presently have a $90.00 price objective on the semiconductor company’s stock. Rosenblatt Securities’ price target indicates a potential upside of 68.22% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Stifel Nicolaus decreased their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. The Goldman Sachs Group decreased their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of Microchip Technology in a research note on Tuesday, December 3rd. Mizuho cut their price objective on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Finally, StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $53.50 on Thursday. The firm has a market capitalization of $28.73 billion, a PE ratio of 37.41 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology has a 1-year low of $51.37 and a 1-year high of $100.57. The business’s 50 day moving average is $58.62 and its 200-day moving average is $70.50.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results 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. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. During the same quarter in the previous year, the firm posted $1.54 EPS. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. Sell-side analysts predict that Microchip Technology will post 1.31 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pallas Capital Advisors LLC acquired a new position in Microchip Technology in the fourth quarter valued at about $5,917,000. Quadrature Capital Ltd bought a new position in Microchip Technology during the 3rd quarter worth approximately $3,312,000. Symphony Financial Ltd. Co. acquired a new position in Microchip Technology during the fourth quarter valued at approximately $520,000. Benjamin Edwards Inc. increased its stake in Microchip Technology by 5,185.4% in the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after purchasing an additional 9,230 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares in the last quarter. 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.