Microchip Technology (NASDAQ:MCHP – Get Free Report) was upgraded by Mizuho from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, Marketbeat.com reports. The brokerage presently has a $115.00 price target on the semiconductor company’s stock, up from their prior price target of $85.00. Mizuho’s target price would indicate a potential upside of 17.07% from the stock’s previous close.
A number of other research firms have also recently weighed in on MCHP. The Goldman Sachs Group boosted their price target on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Needham & Company LLC upped their target price on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. B. Riley upped their target price on Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Evercore ISI started coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price for the company. Finally, Jefferies Financial Group started coverage on Microchip Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $115.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $101.06.
View Our Latest Report on MCHP
Microchip Technology Stock Performance
NASDAQ MCHP opened at $98.23 on Friday. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The stock has a market cap of $53.08 billion, a price-to-earnings ratio of 28.31, a price-to-earnings-growth ratio of 3.42 and a beta of 1.60. The business has a fifty day moving average of $90.19 and a 200-day moving average of $87.24. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.
Microchip Technology (NASDAQ:MCHP – Get Free Report) last released its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the firm posted $1.56 earnings per share. The business’s revenue for the quarter was down 40.6% compared to the same quarter last year. As a group, analysts predict that Microchip Technology will post 2.38 earnings per share for the current fiscal year.
Insider Transactions at Microchip Technology
In other news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders sold 21,018 shares of company stock valued at $1,971,856 over the last quarter. Company insiders own 2.07% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the business. Horizon Bancorp Inc. IN purchased a new position in Microchip Technology in the fourth quarter valued at about $110,000. Rockline Wealth Management LLC acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $4,449,000. 17 Capital Partners LLC acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $1,827,000. AIA Group Ltd grew its position in shares of Microchip Technology by 80.4% in the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after acquiring an additional 13,326 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Microchip Technology by 16.0% in the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after acquiring an additional 714,376 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells 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 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.
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