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

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reissued by equities research analysts at Rosenblatt Securities in a research report issued on Tuesday,Benzinga reports. They currently have a $70.00 price target on the semiconductor company’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 17.37% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Citigroup dropped their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Piper Sandler restated an “overweight” rating and set a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Finally, TD Cowen reduced their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $59.64 on Tuesday. The firm’s fifty day moving average is $56.95 and its two-hundred day moving average is $66.99. The firm has a market cap of $32.08 billion, a price-to-earnings ratio of 106.50 and a beta of 1.52. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology has a one year low of $50.21 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Research analysts expect that Microchip Technology will post 1.03 EPS for the current year.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Hedge funds have recently modified their holdings of the company. Mainstream Capital Management LLC purchased a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $26,000. Rakuten Securities Inc. lifted its holdings in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 359 shares during the last quarter. Prospera Private Wealth LLC acquired a new position in Microchip Technology in the third quarter valued at approximately $29,000. OFI Invest Asset Management purchased a new position in Microchip Technology in the fourth quarter worth approximately $29,000. Finally, Financial Life Planners acquired a new stake in Microchip Technology during the fourth quarter worth $32,000. 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.