Microchip Technology (NASDAQ:MCHP) Upgraded at BMO Capital Markets

Microchip Technology (NASDAQ:MCHP - Get Free Report) was upgraded by investment analysts at BMO Capital Markets to a "strong-buy" rating in a research note issued on Thursday,Zacks.com reports.

A number of other research analysts also recently weighed in on MCHP. JPMorgan Chase & Co. increased their price target on Microchip Technology from $95.00 to $120.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. TD Cowen decreased their price objective on Microchip Technology from $105.00 to $90.00 and set a "hold" rating for the company in a research note on Monday, July 13th. Rosenblatt Securities reiterated a "buy" rating and issued a $120.00 price objective on shares of Microchip Technology in a report on Friday, August 7th. Needham & Company LLC increased their target price on Microchip Technology from $84.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Finally, Susquehanna raised their target price on Microchip Technology from $95.00 to $120.00 and gave the stock a "positive" rating in a report on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus price target of $98.67.

Microchip Technology Trading Up 0.4%

MCHP opened at $76.08 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.92 and a quick ratio of 1.11. The company has a market cap of $41.31 billion, a price-to-earnings ratio of 113.55, a price-to-earnings-growth ratio of 0.53 and a beta of 1.76. The firm has a 50 day simple moving average of $84.29 and a 200 day simple moving average of $81.49. Microchip Technology has a fifty-two week low of $48.52 and a fifty-two week high of $105.91.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.06. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the prior year, the business posted $0.27 earnings per share. Microchip Technology's revenue was up 38.0% compared to the same quarter last year. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. On average, sell-side analysts anticipate that Microchip Technology will post 3.16 earnings per share for the current year.

Insider Activity

In other Microchip Technology news, Director Matthew W. Chapman sold 3,000 shares of Microchip Technology stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $97.52, for a total transaction of $292,560.00. Following the transaction, the director directly owned 17,665 shares in the company, valued at approximately $1,722,690.80. The trade was a 14.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Richard J. Simoncic sold 5,000 shares of Microchip Technology stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $97.52, for a total value of $487,600.00. Following the transaction, the chief operating officer owned 130,508 shares in the company, valued at approximately $12,727,140.16. This represents a 3.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 8,837 shares of company stock valued at $847,338 in the last quarter. Company insiders own 1.79% of the company's stock.

Institutional Investors Weigh In On Microchip Technology

Hedge funds have recently modified their holdings of the business. EFG International AG acquired a new position in shares of Microchip Technology in the 4th quarter valued at approximately $29,000. Miller Capital Partners Inc. acquired a new stake in Microchip Technology during the 4th quarter worth approximately $29,000. Continuum Advisory LLC acquired a new stake in Microchip Technology during the 2nd quarter worth approximately $30,000. Johnson Financial Group Inc. bought a new position in Microchip Technology in the second quarter valued at approximately $31,000. Finally, Reflection Asset Management bought a new position in Microchip Technology in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source