Microchip Technology (NASDAQ:MCHP) Earns Overweight Rating from Cantor Fitzgerald

Microchip Technology (NASDAQ:MCHP)‘s stock had its “overweight” rating reiterated by Cantor Fitzgerald in a report released on Wednesday,Benzinga reports. They presently have a $125.00 target price on the semiconductor company’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 27.94% from the stock’s current price.

A number of other research analysts have also recently issued reports on the company. Bank of America upgraded Microchip Technology from a “neutral” rating to a “buy” rating and set a $95.00 price objective for the company in a research note on Wednesday, January 28th. Wells Fargo & Company raised their price objective on shares of Microchip Technology from $75.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Truist Financial upped their target price on shares of Microchip Technology from $69.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, May 8th. Needham & Company LLC increased their price target on shares of Microchip Technology from $84.00 to $120.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Wall Street Zen raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Saturday. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.52.

Microchip Technology Price Performance

Shares of MCHP opened at $97.70 on Wednesday. The stock has a market cap of $52.87 billion, a PE ratio of 465.26, a price-to-earnings-growth ratio of 1.26 and a beta of 1.75. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.18 and a current ratio of 2.09. Microchip Technology has a fifty-two week low of $48.52 and a fifty-two week high of $105.91. The firm’s 50-day simple moving average is $74.68 and its two-hundred day simple moving average is $69.88.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, May 7th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. Microchip Technology had a net margin of 4.88% and a return on equity of 10.87%. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the business earned $0.11 earnings per share. The business’s revenue was up 35.1% on a year-over-year basis. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. Analysts anticipate that Microchip Technology will post 2.14 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Steve Sanghi sold 76,469 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $93.58, for a total transaction of $7,155,969.02. Following the sale, the chief executive officer owned 9,385,834 shares of the company’s stock, valued at $878,326,345.72. This trade represents a 0.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 526,552 shares of company stock worth $47,130,465. Company insiders own 1.94% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its position in Microchip Technology by 1.6% during the first quarter. PNC Financial Services Group Inc. now owns 184,981 shares of the semiconductor company’s stock valued at $11,952,000 after purchasing an additional 2,905 shares during the period. Oslo Pensjonsforsikring AS bought a new position in shares of Microchip Technology during the 1st quarter valued at $89,000. Andra AP fonden purchased a new position in shares of Microchip Technology in the 1st quarter worth $307,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Microchip Technology in the first quarter worth $108,000. Finally, Meeder Advisory Services Inc. increased its position in Microchip Technology by 11.9% during the first quarter. Meeder Advisory Services Inc. now owns 9,354 shares of the semiconductor company’s stock valued at $604,000 after acquiring an additional 995 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Company Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.