Cantor Fitzgerald Reiterates Overweight Rating for Microchip Technology (NASDAQ:MCHP)

Microchip Technology (NASDAQ:MCHP)‘s stock had its “overweight” rating reiterated by research analysts at Cantor Fitzgerald in a report issued on Monday,Benzinga reports. They currently have a $125.00 price objective on the semiconductor company’s stock. Cantor Fitzgerald’s target price would suggest a potential upside of 57.89% from the company’s current price.

A number of other brokerages also recently commented on MCHP. Wall Street Zen upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Citigroup reduced their price objective on Microchip Technology from $113.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, August 7th. UBS Group reissued a “buy” rating and issued a $120.00 price target (down from $130.00) on shares of Microchip Technology in a research note on Friday, August 7th. JPMorgan Chase & Co. boosted their price target on shares of Microchip Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Finally, Wells Fargo & Company decreased their price target on Microchip Technology from $95.00 to $88.00 and set an “equal weight” rating for the company in a research note on Monday, July 20th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $98.85.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $79.17 on Monday. The stock has a 50-day simple moving average of $85.72 and a 200 day simple moving average of $81.52. Microchip Technology has a one year low of $48.52 and a one year high of $105.91. The company has a market capitalization of $42.99 billion, a price-to-earnings ratio of 118.17, a price-to-earnings-growth ratio of 0.62 and a beta of 1.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the previous year, the company posted $0.27 earnings per share. The firm’s revenue was up 38.0% on a year-over-year basis. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. Sell-side analysts predict that Microchip Technology will post 2.81 EPS for the current fiscal year.

Insider Activity

In related news, COO Richard J. Simoncic sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $97.52, for a total value of $487,600.00. Following the completion of the transaction, the chief operating officer owned 130,508 shares of the company’s stock, valued at approximately $12,727,140.16. This trade represents a 3.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 3,667 shares of the business’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $90.87, for a total transaction of $333,220.29. Following the sale, the chief financial officer directly owned 28,573 shares in the company, valued at approximately $2,596,428.51. This trade represents a 11.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 16,667 shares of company stock worth $1,580,580 over the last 90 days. 1.79% of the stock is owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors have recently modified their holdings of the stock. Continuum Advisory LLC acquired a new stake in Microchip Technology during the second quarter valued at $30,000. Johnson Financial Group Inc. acquired a new stake in Microchip Technology in the second quarter valued at approximately $31,000. Rakuten Securities Inc. bought a new stake in Microchip Technology in the second quarter worth approximately $34,000. EFG International AG acquired a new position in shares of Microchip Technology during the 4th quarter worth $29,000. Finally, Miller Capital Partners Inc. bought a new position in shares of Microchip Technology during the 4th quarter valued at $29,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.