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

Equities research analysts at Evercore ISI began coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research note issued 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 would suggest a potential upside of 23.69% from the stock’s previous close.

A number of other analysts also recently issued reports on the company. Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Thursday, January 18th. Truist Financial reduced their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, January 9th. The Goldman Sachs Group reduced their price objective on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research note on Friday, February 2nd. Stifel Nicolaus reaffirmed a “buy” rating and issued a $94.00 price objective on shares of Microchip Technology in a research note on Thursday, March 14th. Finally, StockNews.com downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.25.

Microchip Technology Stock Up 0.1 %

NASDAQ MCHP opened at $85.70 on Tuesday. The stock’s 50 day moving average is $86.49 and its 200 day moving average is $84.18. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $94.30. The stock has a market cap of $46.31 billion, a PE ratio of 20.02, a P/E/G ratio of 2.61 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the company posted $1.48 EPS. The company’s revenue was down 18.6% compared to the same quarter last year. Research analysts predict that Microchip Technology will post 4.64 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Microchip Technology

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

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.