Microchip Technology (NASDAQ:MCHP) Now Covered by Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Microchip Technology (NASDAQ:MCHP - Get Free Report) in a research report issued on Wednesday,Briefing.com Automated Import reports. The brokerage set a "neutral" rating and a $70.00 price target on the semiconductor company's stock. Cantor Fitzgerald's price objective indicates a potential upside of 3.41% from the stock's previous close.

Several other brokerages also recently commented on MCHP. Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective on the stock in a research note on Friday, May 9th. UBS Group raised their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Truist Financial boosted their price objective on Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a research report on Friday, May 9th. TD Cowen raised their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a report on Friday, May 9th. Finally, Wall Street Zen lowered shares of Microchip Technology from a "hold" rating to a "sell" rating in a research note on Saturday, June 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $69.55.

Microchip Technology Price Performance

Shares of MCHP opened at $67.69 on Wednesday. The stock has a market cap of $36.51 billion, a P/E ratio of -6,769.00, a price-to-earnings-growth ratio of 2.03 and a beta of 1.48. Microchip Technology has a 1 year low of $34.13 and a 1 year high of $96.98. The stock's 50-day moving average price is $53.89 and its two-hundred day moving average price is $54.90. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same quarter last year, the firm earned $0.57 EPS. Microchip Technology's quarterly revenue was down 26.8% compared to the same quarter last year. On average, equities analysts predict that Microchip Technology will post 1.03 earnings per share for the current year.

Insider Transactions at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer now directly owns 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On Microchip Technology

Hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in Microchip Technology during the 4th quarter valued at about $452,627,000. Orbis Allan Gray Ltd bought a new position in shares of Microchip Technology in the first quarter worth approximately $369,612,000. Invesco Ltd. increased its stake in shares of Microchip Technology by 63.0% in the first quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company's stock worth $808,787,000 after buying an additional 6,459,123 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Microchip Technology by 138.9% during the first quarter. Goldman Sachs Group Inc. now owns 8,834,550 shares of the semiconductor company's stock worth $427,681,000 after purchasing an additional 5,136,154 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its position in Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after purchasing an additional 3,912,895 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Microchip Technology Company Profile

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.

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