Microchip Technology (MCHP) Rating Reiterated by Rosenblatt Securities

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reissued by equities researchers at Rosenblatt Securities in a note issued to investors on Sunday. They presently have a $125.00 price objective on the semiconductor company’s stock. Rosenblatt Securities’ target price points to a potential upside of 43.63% from the stock’s previous close.

The analysts wrote, “We rate MCHP as a Buy with a $125 price target and would be opportunistic on potential near-term price pressure.””

Several other brokerages have also weighed in on MCHP. Nomura cut their target price on Microchip Technology from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday. BidaskClub lowered Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 26th. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a research report on Wednesday, June 6th. JPMorgan Chase & Co. initiated coverage on Microchip Technology in a research report on Tuesday, June 5th. They issued an “overweight” rating and a $125.00 target price on the stock. Finally, Morgan Stanley increased their target price on Microchip Technology from $96.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 9th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Microchip Technology currently has a consensus rating of “Buy” and a consensus target price of $115.76.

MCHP stock opened at $87.03 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.43 and a current ratio of 1.66. The firm has a market cap of $20.58 billion, a PE ratio of 16.77, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13. Microchip Technology has a 52-week low of $78.33 and a 52-week high of $104.20.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.13. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.21 billion. Microchip Technology had a return on equity of 41.19% and a net margin of 2.85%. The business’s quarterly revenue was up 24.7% on a year-over-year basis. During the same period last year, the company posted $1.31 EPS. equities research analysts predict that Microchip Technology will post 6.18 EPS for the current fiscal year.

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,308 shares of the firm’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $215,913.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 4,696 shares of the firm’s stock in a transaction dated Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the transaction, the vice president now directly owns 19,711 shares in the company, valued at $1,843,964.05. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in MCHP. Janus Henderson Group PLC grew its stake in shares of Microchip Technology by 4.7% during the second quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock valued at $1,175,042,000 after acquiring an additional 582,965 shares in the last quarter. Barings LLC grew its stake in shares of Microchip Technology by 33.2% during the first quarter. Barings LLC now owns 8,028,245 shares of the semiconductor company’s stock valued at $13,872,000 after acquiring an additional 2,000,000 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Microchip Technology by 0.4% during the first quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock valued at $513,132,000 after acquiring an additional 24,008 shares in the last quarter. Aristotle Capital Management LLC grew its stake in shares of Microchip Technology by 5.9% during the first quarter. Aristotle Capital Management LLC now owns 5,102,781 shares of the semiconductor company’s stock valued at $466,190,000 after acquiring an additional 285,886 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Microchip Technology by 0.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,140,517 shares of the semiconductor company’s stock valued at $286,918,000 after acquiring an additional 29,390 shares in the last quarter.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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