Evercore ISI Initiates Coverage on Microchip Technology (NASDAQ:MCHP)

Evercore ISI initiated coverage on shares of Microchip Technology (NASDAQ:MCHP) in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage set an “outperform” rating and a $106.00 price target on the semiconductor company’s stock. Evercore ISI’s price target would indicate a potential upside of 24.60% from the stock’s current price.

Several other brokerages also recently weighed in on MCHP. Needham & Company LLC boosted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. TD Cowen boosted their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. The Goldman Sachs Group reduced their price objective on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. Finally, Stifel Nicolaus restated a “buy” rating and set a $94.00 price objective on shares of Microchip Technology in a research report on Thursday, March 14th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $92.25.

Microchip Technology Stock Down 1.0 %

Shares of Microchip Technology stock opened at $85.07 on Tuesday. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $94.30. The company has a 50 day moving average of $86.58 and a 200 day moving average of $84.24. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $45.97 billion, a P/E ratio of 19.88, a P/E/G ratio of 2.62 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results 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 net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the firm earned $1.48 earnings per share. The firm’s quarterly revenue was down 18.6% on a year-over-year basis. As a group, research analysts forecast that Microchip Technology will post 4.64 EPS for the current fiscal year.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Microchip Technology

Several large investors have recently bought and sold shares of MCHP. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology in the 3rd quarter worth about $26,000. BKM Wealth Management LLC purchased a new stake in shares of Microchip Technology in the 4th quarter worth about $27,000. Rakuten Securities Inc. purchased a new stake in shares of Microchip Technology in the 4th quarter worth about $27,000. Rise Advisors LLC purchased a new stake in shares of Microchip Technology in the 1st quarter worth about $28,000. Finally, Fortitude Family Office LLC purchased a new stake in shares of Microchip Technology in the 4th quarter worth about $29,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Company Profile

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.