Longbow Research started coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research report released on Tuesday, Benzinga reports. The brokerage issued a neutral rating and a $87.93 price target on the semiconductor company’s stock.
Several other brokerages also recently issued reports on MCHP. Rosenblatt Securities initiated coverage on shares of FOX in a report on Monday, May 6th. They set a sell rating and a $33.00 price target for the company. BMO Capital Markets raised their price objective on shares of goeasy from C$55.00 to C$60.00 in a research report on Thursday, May 9th. Zacks Investment Research cut shares of Hess Midstream Partners from a hold rating to a sell rating in a research report on Tuesday, May 14th. B. Riley raised their price objective on shares of Airgain from $19.00 to $22.00 and gave the company a buy rating in a research report on Monday, May 6th. Finally, Mizuho raised their price objective on shares of Microchip Technology from $95.00 to $100.00 and gave the company a buy rating in a research report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $102.26.
NASDAQ:MCHP opened at $89.73 on Tuesday. The stock’s 50-day simple moving average is $84.71. The company has a market cap of $21.26 billion, a P/E ratio of 14.76, a price-to-earnings-growth ratio of 1.21 and a beta of 1.42. Microchip Technology has a 52 week low of $60.70 and a 52 week high of $101.35. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.69.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.08. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the firm earned $1.40 EPS. The firm’s revenue for the quarter was up 32.6% compared to the same quarter last year. As a group, equities research analysts predict that Microchip Technology will post 5.53 earnings per share for the current fiscal year.
In other news, VP James Eric Bjornholt sold 2,188 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.99, for a total transaction of $177,206.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.13% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dubuque Bank & Trust Co. grew its holdings in Microchip Technology by 4.6% during the first quarter. Dubuque Bank & Trust Co. now owns 3,163 shares of the semiconductor company’s stock valued at $262,000 after purchasing an additional 140 shares during the period. Trust Co. of Vermont lifted its stake in Microchip Technology by 8.5% in the first quarter. Trust Co. of Vermont now owns 1,837 shares of the semiconductor company’s stock valued at $152,000 after buying an additional 144 shares in the last quarter. Wrapmanager Inc. lifted its stake in Microchip Technology by 5.0% in the first quarter. Wrapmanager Inc. now owns 3,126 shares of the semiconductor company’s stock valued at $259,000 after buying an additional 150 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in Microchip Technology by 65.3% in the first quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 171 shares in the last quarter. Finally, Trust Co. of Toledo NA OH lifted its stake in Microchip Technology by 0.3% in the second quarter. Trust Co. of Toledo NA OH now owns 55,101 shares of the semiconductor company’s stock valued at $4,778,000 after buying an additional 184 shares in the last quarter.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
Recommended Story: What is the NASDAQ Stock Market?
Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.