Microchip Technology (NASDAQ:MCHP) Receives Overweight Rating from Piper Sandler

Microchip Technology (NASDAQ:MCHP)‘s stock had its “overweight” rating restated by analysts at Piper Sandler in a research note issued to investors on Friday,Benzinga reports. They currently have a $65.00 target price on the semiconductor company’s stock, down from their previous target price of $85.00. Piper Sandler’s target price indicates a potential upside of 26.57% from the stock’s current price.

A number of other brokerages have also weighed in on MCHP. Morgan Stanley cut their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Evercore ISI restated an “outperform” rating and set a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. B. Riley lowered their target price on Microchip Technology from $93.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Mizuho decreased their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $78.61.

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded down $1.75 during mid-day trading on Friday, hitting $51.36. 2,174,285 shares of the stock were exchanged, compared to its average volume of 8,542,316. The company has a market capitalization of $27.58 billion, a P/E ratio of 35.90 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The company has a 50-day simple moving average of $58.04 and a 200 day simple moving average of $70.26. Microchip Technology has a 12 month low of $51.00 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Sell-side analysts anticipate that Microchip Technology will post 1.31 earnings per share for the current fiscal year.

Institutional Trading of Microchip Technology

Several institutional investors have recently added to or reduced their stakes in the stock. Pallas Capital Advisors LLC purchased a new position in Microchip Technology in the 4th quarter valued at approximately $5,917,000. Quadrature Capital Ltd purchased a new position in shares of Microchip Technology during the third quarter worth about $3,312,000. Symphony Financial Ltd. Co. acquired a new stake in shares of Microchip Technology during the fourth quarter worth about $520,000. Benjamin Edwards Inc. grew its stake in Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after buying an additional 9,230 shares during the last quarter. Finally, Empowered Funds LLC increased its position in 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 buying an additional 19,663 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.