Microchip Technology (NASDAQ:MCHP) Rating Increased to Buy at Stifel Nicolaus

Microchip Technology (NASDAQ:MCHPGet Rating) was upgraded by analysts at Stifel Nicolaus from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, MarketBeat reports. The firm presently has a $75.00 price objective on the semiconductor company’s stock, up from their prior price objective of $70.00. Stifel Nicolaus’ price objective suggests a potential upside of 29.20% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. The Goldman Sachs Group cut Microchip Technology from a “buy” rating to a “neutral” rating and set a $79.00 target price on the stock. in a research note on Sunday, March 27th. StockNews.com raised Microchip Technology from a “hold” rating to a “buy” rating in a research note on Tuesday, May 17th. Morgan Stanley lowered their price target on Microchip Technology from $85.00 to $81.00 and set an “overweight” rating for the company in a research note on Friday, June 10th. UBS Group upped their target price on Microchip Technology from $98.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday, March 9th. Finally, B. Riley decreased their target price on Microchip Technology from $85.00 to $78.00 and set a “buy” rating for the company in a research report on Wednesday, June 15th. Four investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $92.20.

MCHP stock opened at $58.05 on Tuesday. The company has a market capitalization of $32.19 billion, a P/E ratio of 25.63, a PEG ratio of 0.54 and a beta of 1.55. The company has a 50-day simple moving average of $65.74 and a 200 day simple moving average of $72.49. Microchip Technology has a fifty-two week low of $56.24 and a fifty-two week high of $90.00. The company has a quick ratio of 1.14, a current ratio of 1.75 and a debt-to-equity ratio of 1.30.

Microchip Technology (NASDAQ:MCHPGet Rating) last issued its quarterly earnings results on Monday, May 9th. The semiconductor company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.17 by $0.09. Microchip Technology had a net margin of 18.85% and a return on equity of 41.89%. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the previous year, the business earned $0.82 earnings per share. Microchip Technology’s revenue for the quarter was up 25.6% compared to the same quarter last year. Equities analysts anticipate that Microchip Technology will post 5.14 EPS for the current year.

In other news, Director Karlton D. Johnson sold 594 shares of the firm’s stock in a transaction dated Friday, May 13th. The stock was sold at an average price of $67.35, for a total transaction of $40,005.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ganesh Moorthy purchased 8,000 shares of the company’s stock in a transaction dated Friday, June 17th. The shares were acquired at an average cost of $57.29 per share, for a total transaction of $458,320.00. Following the transaction, the chief executive officer now owns 720,313 shares of the company’s stock, valued at $41,266,731.77. The disclosure for this purchase can be found here. Insiders sold 9,564 shares of company stock worth $637,217 in the last three months. Insiders own 2.03% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Microchip Technology by 1.1% in the first quarter. Vanguard Group Inc. now owns 64,426,179 shares of the semiconductor company’s stock valued at $4,840,982,000 after purchasing an additional 691,754 shares in the last quarter. Dodge & Cox boosted its stake in shares of Microchip Technology by 87.3% during the 4th quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock worth $2,571,680,000 after acquiring an additional 13,768,272 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Microchip Technology by 1.9% during the 1st quarter. Principal Financial Group Inc. now owns 10,818,661 shares of the semiconductor company’s stock worth $812,914,000 after acquiring an additional 200,602 shares during the period. Geode Capital Management LLC boosted its stake in shares of Microchip Technology by 107.9% during the 4th quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock worth $898,949,000 after acquiring an additional 5,373,594 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Microchip Technology by 1.7% during the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock worth $567,576,000 after acquiring an additional 123,806 shares during the period. 89.36% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Company Profile (Get Rating)

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 microprocessors markets; 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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