Rosenblatt Securities Reiterates “Buy” Rating for Microchip Technology (NASDAQ:MCHP)

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They presently have a $90.00 price target on the semiconductor company’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 73.44% from the stock’s current price.

Other analysts have also recently issued reports about the company. Stifel Nicolaus reduced their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Evercore ISI reissued an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Mizuho reduced their price target on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a report on Friday, January 10th. Morgan Stanley reduced their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday. Finally, Susquehanna reduced their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.11.

Microchip Technology Stock Down 2.3 %

Microchip Technology stock opened at $51.89 on Thursday. Microchip Technology has a twelve month low of $50.21 and a twelve month high of $100.57. The stock has a 50 day moving average of $58.04 and a two-hundred day moving average of $70.26. The company has a current ratio of 0.88, a quick ratio of 0.48 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 posted its quarterly earnings data 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 return on equity of 19.47% and a net margin of 14.22%. As a group, research analysts expect that Microchip Technology will post 1.31 earnings per share for the current year.

Hedge Funds Weigh In On Microchip Technology

Several hedge funds have recently bought and sold shares of MCHP. Mainstream Capital Management LLC purchased a new position in Microchip Technology during the fourth quarter worth $26,000. Prospera Private Wealth LLC purchased a new position in Microchip Technology during the third quarter worth $29,000. OFI Invest Asset Management purchased a new position in Microchip Technology during the fourth quarter worth $29,000. Financial Life Planners acquired a new stake in shares of Microchip Technology during the fourth quarter worth $32,000. Finally, Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology during the third quarter worth $34,000. 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.