Microchip Technology (MCHP) Rating Reiterated by Rosenblatt Securities
Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reaffirmed by equities researchers at Rosenblatt Securities in a research note issued to investors on Sunday. They presently have a $125.00 price target on the semiconductor company’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 43.63% from the stock’s previous close.
The analysts wrote, “We rate MCHP as a Buy with a $125 price target and would be opportunistic on potential near-term price pressure.””
A number of other equities analysts also recently commented on the company. Piper Jaffray Companies lifted their price target on Microchip Technology from $110.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, July 27th. B. Riley lifted their price target on Microchip Technology from $123.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, June 1st. SunTrust Banks lifted their price target on Microchip Technology from $115.00 to $117.00 and gave the stock a “buy” rating in a research note on Wednesday, May 30th. JPMorgan Chase & Co. started coverage on Microchip Technology in a research note on Tuesday, June 5th. They issued an “overweight” rating and a $125.00 price target for the company. Finally, BidaskClub downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, April 18th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $115.76.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, topping the Zacks’ consensus estimate of $1.48 by $0.13. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.21 billion. Microchip Technology had a return on equity of 41.19% and a net margin of 2.85%. The company’s revenue for the quarter was up 24.7% compared to the same quarter last year. During the same period last year, the firm earned $1.31 earnings per share. analysts predict that Microchip Technology will post 6.18 EPS for the current fiscal year.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,308 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total value of $215,913.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 4,696 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $439,310.80. Following the completion of the transaction, the vice president now owns 19,711 shares of the company’s stock, valued at $1,843,964.05. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Psagot Investment House Ltd. acquired a new position in Microchip Technology in the second quarter valued at approximately $125,000. Canada Pension Plan Investment Board raised its holdings in shares of Microchip Technology by 14,030.0% during the second quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after buying an additional 1,403 shares during the last quarter. Signaturefd LLC bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $131,000. Summit Trail Advisors LLC raised its holdings in shares of Microchip Technology by 9,097.1% during the first quarter. Summit Trail Advisors LLC now owns 138,325 shares of the semiconductor company’s stock valued at $138,000 after buying an additional 136,821 shares during the last quarter. Finally, Prospera Financial Services Inc bought a new stake in shares of Microchip Technology during the second quarter valued at approximately $200,000.
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.
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