Microchip Technology (NASDAQ:MCHP) Coverage Initiated by Analysts at Evercore ISI

Equities researchers at Evercore ISI assumed coverage on shares of Microchip Technology (NASDAQ:MCHP) in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $106.00 price target on the semiconductor company’s stock. Evercore ISI’s price objective would indicate a potential upside of 24.60% from the company’s current price.

A number of other equities analysts have also weighed in on the company. UBS Group decreased their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research report on Tuesday, January 30th. Piper Sandler lowered Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a research report on Thursday, January 4th. Needham & Company LLC increased their price target on Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Finally, TD Cowen increased their price target on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.25.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $85.07 on Tuesday. The business’s 50-day moving average price is $86.58 and its 200 day moving average price is $84.24. The firm has a market cap of $45.97 billion, a P/E ratio of 19.88, a PEG ratio of 2.62 and a beta of 1.65. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $94.30. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. Microchip Technology’s revenue was down 18.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.48 earnings per share. As a group, sell-side analysts predict that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Insider Transactions at Microchip Technology

In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Deltec Asset Management LLC bought a new position in shares of Microchip Technology in the 1st quarter valued at approximately $897,000. Richardson Capital Management LLC bought a new position in shares of Microchip Technology in the 1st quarter valued at approximately $45,000. Founders Financial Securities LLC bought a new position in Microchip Technology in the 1st quarter worth approximately $688,000. Hennion & Walsh Asset Management Inc. increased its position in Microchip Technology by 10.4% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 48,994 shares of the semiconductor company’s stock worth $4,395,000 after buying an additional 4,625 shares during the period. Finally, Indiana Trust & Investment Management CO increased its position in Microchip Technology by 18.4% in the 1st quarter. Indiana Trust & Investment Management CO now owns 999 shares of the semiconductor company’s stock worth $90,000 after buying an additional 155 shares during the period. 91.51% of the stock is owned by institutional investors.

Microchip Technology Company Profile

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 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.