Microchip Technology’s (MCHP) Buy Rating Reiterated at Rosenblatt Securities

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reissued by equities research analysts at Rosenblatt Securities in a report issued on Tuesday,Benzinga reports. They presently have a $70.00 target price on the semiconductor company’s stock. Rosenblatt Securities’ price objective suggests a potential upside of 20.79% from the stock’s previous close.

Several other research analysts also recently commented on MCHP. Mizuho decreased their price objective on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. KeyCorp decreased their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research note on Friday, February 7th. B. Riley reaffirmed a “buy” rating and set a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Susquehanna reduced their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Finally, Needham & Company LLC lowered their target price on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.37.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $57.95 on Tuesday. Microchip Technology has a 12-month low of $50.21 and a 12-month high of $100.57. The firm has a market capitalization 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. The firm has a 50 day moving average of $56.94 and a 200 day moving average of $67.20.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, research analysts anticipate that Microchip Technology will post 1.03 earnings per share for the current year.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the sale, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $452,627,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after buying an additional 3,912,895 shares during the period. Van ECK Associates Corp lifted its position in Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after buying an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. boosted its stake in Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after buying an additional 3,013,162 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after acquiring an additional 2,829,082 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

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.