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

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reiterated by equities researchers at Rosenblatt Securities in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $70.00 target price on the semiconductor company’s stock. Rosenblatt Securities’ price target would suggest a potential upside of 20.79% from the company’s current price.

A number of other equities research analysts have also recently issued reports on MCHP. B. Riley reaffirmed a “buy” rating and issued a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. The Goldman Sachs Group decreased their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Mizuho dropped their target price 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, TD Cowen reduced their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $76.37.

Microchip Technology Stock Down 1.5 %

MCHP stock opened at $57.95 on Tuesday. The company’s 50 day moving average is $56.94 and its 200 day moving average is $67.20. The stock has a market cap of $31.17 billion, a price-to-earnings ratio of 103.48 and a beta of 1.50. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology has a 1-year low of $50.21 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Sell-side analysts predict that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the 4th quarter worth about $26,000. Rakuten Securities Inc. grew its stake in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology during the third quarter valued at approximately $29,000. OFI Invest Asset Management purchased a new position in shares of Microchip Technology during the fourth quarter valued at approximately $29,000. Finally, Financial Life Planners purchased a new stake in Microchip Technology in the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors 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.