Microchip Technology’s (MCHP) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Microchip Technology (NASDAQ:MCHP) in a report published on Monday morning,Benzinga reports. They currently have a $125.00 price objective on the semiconductor company’s stock.

MCHP has been the subject of a number of other research reports. Wells Fargo & Company reduced their price objective on Microchip Technology from $95.00 to $88.00 and set an “equal weight” rating for the company in a research report on Monday, July 20th. Barclays increased their target price on Microchip Technology from $80.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Monday, May 11th. Truist Financial raised their target price on Microchip Technology from $69.00 to $105.00 and gave the company a “hold” rating in a research note on Friday, May 8th. Citigroup boosted their price target on shares of Microchip Technology from $91.00 to $113.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, TD Cowen lowered their price target on shares of Microchip Technology from $105.00 to $90.00 and set a “hold” rating for the company in a research report on Monday, July 13th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.76.

Microchip Technology Price Performance

MCHP opened at $77.79 on Monday. The company has a quick ratio of 1.18, a current ratio of 2.09 and a debt-to-equity ratio of 0.85. The company’s 50-day moving average price is $87.77 and its 200 day moving average price is $81.28. Microchip Technology has a fifty-two week low of $48.52 and a fifty-two week high of $105.91. The firm has a market cap of $42.24 billion, a price-to-earnings ratio of 370.45, a price-to-earnings-growth ratio of 0.81 and a beta of 1.76.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 7th. The semiconductor company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.26 billion. Microchip Technology had a return on equity of 10.87% and a net margin of 4.88%.Microchip Technology’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.11 earnings per share. As a group, sell-side analysts expect that Microchip Technology will post 2.7 earnings per share for the current year.

Insider Activity at Microchip Technology

In other Microchip Technology news, COO Richard J. Simoncic sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $93.44, for a total value of $467,200.00. Following the completion of the sale, the chief operating officer directly owned 135,508 shares in the company, valued at $12,661,867.52. This represents a 3.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew W. Chapman sold 10,000 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $95.48, for a total value of $954,800.00. Following the transaction, the director directly owned 20,665 shares of the company’s stock, valued at approximately $1,973,094.20. The trade was a 32.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 26,750 shares of company stock worth $2,543,170 over the last quarter. 1.79% of the stock is currently owned by company insiders.

Institutional Trading of Microchip Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Wolverine Asset Management LLC raised its position in Microchip Technology by 3,833.7% during the fourth quarter. Wolverine Asset Management LLC now owns 37,921 shares of the semiconductor company’s stock valued at $2,416,000 after buying an additional 36,957 shares during the period. Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group purchased a new stake in Microchip Technology in the 4th quarter worth about $6,691,000. Epoch Investment Partners Inc. boosted its position in Microchip Technology by 16.5% during the 4th quarter. Epoch Investment Partners Inc. now owns 1,349,136 shares of the semiconductor company’s stock worth $85,967,000 after acquiring an additional 191,339 shares during the period. Peregrine Investment Management Inc. acquired a new stake in Microchip Technology during the 1st quarter worth about $5,492,000. Finally, Norges Bank purchased a new position in Microchip Technology during the 4th quarter valued at about $664,564,000. Institutional investors own 91.51% of the company’s stock.

About Microchip Technology

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.