Microchip Technology (NASDAQ:MCHP) Now Covered by Evercore ISI

Equities researchers at Evercore ISI initiated coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm set an “outperform” rating and a $106.00 price target on the semiconductor company’s stock. Evercore ISI’s target price suggests a potential upside of 23.69% from the stock’s current price.

A number of other analysts have also recently issued reports on MCHP. Susquehanna reissued a “positive” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Monday, April 8th. StockNews.com downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. Stifel Nicolaus reaffirmed a “buy” rating and set a $94.00 price objective on shares of Microchip Technology in a research note on Thursday, March 14th. TD Cowen upped their price objective on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, February 2nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $92.25.

Microchip Technology Stock Up 0.1 %

Shares of NASDAQ MCHP opened at $85.70 on Tuesday. The company has a market capitalization of $46.31 billion, a price-to-earnings ratio of 20.02, a price-to-earnings-growth ratio of 2.61 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The business has a 50-day moving average of $86.49 and a two-hundred day moving average of $84.18. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $94.30.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue was down 18.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.48 EPS. On average, analysts forecast that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds have recently made changes to their positions in the business. Fifth Third Wealth Advisors LLC boosted its holdings in shares of Microchip Technology by 7.9% during the first quarter. Fifth Third Wealth Advisors LLC now owns 4,101 shares of the semiconductor company’s stock worth $368,000 after purchasing an additional 299 shares during the last quarter. Hennessy Advisors Inc. raised its position in shares of Microchip Technology by 2,194.5% in the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after buying an additional 31,996 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Microchip Technology by 1.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 295,427 shares of the semiconductor company’s stock worth $26,503,000 after buying an additional 4,734 shares during the period. Wealthcare Advisory Partners LLC raised its position in shares of Microchip Technology by 15.0% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 2,704 shares of the semiconductor company’s stock worth $243,000 after buying an additional 352 shares during the period. Finally, Corundum Group Inc. raised its position in shares of Microchip Technology by 19.9% in the 1st quarter. Corundum Group Inc. now owns 4,172 shares of the semiconductor company’s stock worth $374,000 after buying an additional 693 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

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.