Microchip Technology (NASDAQ:MCHP) Earns “Buy” Rating from Rosenblatt Securities

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating restated by Rosenblatt Securities in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $90.00 price objective on the semiconductor company’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 73.44% from the company’s previous close.

A number of other research analysts have also recently weighed in on the company. Evercore ISI reiterated an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a report on Tuesday, December 3rd. TD Cowen reduced their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Morgan Stanley reduced their target price on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, B. Riley reduced their price objective on Microchip Technology from $93.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $77.11.

Microchip Technology Price Performance

MCHP stock opened at $51.89 on Thursday. Microchip Technology has a 52-week low of $50.21 and a 52-week high of $100.57. The stock’s fifty day simple moving average is $58.04 and its 200-day simple moving average is $70.26. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $27.87 billion, a price-to-earnings ratio of 36.29 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Equities research analysts expect that Microchip Technology will post 1.31 EPS for the current year.

Institutional Trading of Microchip Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the fourth quarter valued at about $26,000. Prospera Private Wealth LLC bought a new stake in Microchip Technology in the third quarter valued at about $29,000. OFI Invest Asset Management bought a new stake in Microchip Technology in the fourth quarter valued at about $29,000. Financial Life Planners bought a new stake in Microchip Technology in the fourth quarter valued at about $32,000. Finally, Peterson Financial Group Inc. bought a new stake in Microchip Technology in the third quarter valued at about $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.