Evercore ISI Reiterates Outperform Rating for Microchip Technology (NASDAQ:MCHP)

Microchip Technology (NASDAQ:MCHP)‘s stock had its “outperform” rating restated by Evercore ISI in a report released on Wednesday,Benzinga reports. They presently have a $95.00 price objective on the semiconductor company’s stock, down from their prior price objective of $101.00. Evercore ISI’s price objective points to a potential upside of 27.79% from the stock’s previous close.

A number of other equities research analysts have also weighed in on the stock. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Mizuho set a $95.00 price target on Microchip Technology in a research note on Friday, October 18th. Citigroup reduced their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, TD Cowen cut their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Up 0.8 %

Microchip Technology stock opened at $74.34 on Wednesday. The business has a fifty day moving average price of $77.05 and a 200-day moving average price of $85.12. Microchip Technology has a 1-year low of $71.76 and a 1-year high of $100.57. The stock has a market capitalization of $39.88 billion, a price-to-earnings ratio of 51.99 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.54 earnings per share. Equities research analysts forecast that Microchip Technology will post 1.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Norden Group LLC boosted its holdings in Microchip Technology by 23.9% in the 1st quarter. Norden Group LLC now owns 3,418 shares of the semiconductor company’s stock worth $307,000 after buying an additional 660 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of Microchip Technology by 7.0% in the first quarter. Nordea Investment Management AB now owns 39,455 shares of the semiconductor company’s stock valued at $3,539,000 after acquiring an additional 2,576 shares in the last quarter. Rehmann Capital Advisory Group boosted its stake in shares of Microchip Technology by 8.2% in the first quarter. Rehmann Capital Advisory Group now owns 3,237 shares of the semiconductor company’s stock worth $290,000 after acquiring an additional 246 shares during the last quarter. Larson Financial Group LLC purchased a new stake in shares of Microchip Technology during the first quarter worth approximately $85,000. Finally, Advisory Services Network LLC raised its stake in Microchip Technology by 4.7% in the 1st quarter. Advisory Services Network LLC now owns 33,927 shares of the semiconductor company’s stock valued at $3,044,000 after purchasing an additional 1,531 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.