Microchip Technology (NASDAQ:MCHP) Stock Rating Reaffirmed by Susquehanna

Microchip Technology (NASDAQ:MCHP - Get Free Report)'s stock had its "positive" rating reissued by stock analysts at Susquehanna in a research note issued on Monday, Benzinga reports. They presently have a $100.00 target price on the semiconductor company's stock. Susquehanna's price objective suggests a potential upside of 12.17% from the stock's previous close.

Other analysts have also issued research reports about the stock. TD Cowen lifted their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the company a "market perform" rating in a research note on Friday, February 2nd. Stifel Nicolaus reiterated a "buy" rating and issued a $94.00 price objective on shares of Microchip Technology in a research note on Thursday, March 14th. StockNews.com lowered shares of Microchip Technology from a "buy" rating to a "hold" rating in a research note on Friday, December 29th. Wolfe Research upgraded shares of Microchip Technology from a "peer perform" rating to an "outperform" rating and set a $105.00 price target for the company in a research note on Thursday, January 18th. Finally, The Goldman Sachs Group decreased their price target on shares of Microchip Technology from $87.00 to $77.00 and set a "neutral" rating for the company in a research note on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $91.33.

Microchip Technology Trading Up 1.8 %

NASDAQ:MCHP traded up $1.58 during mid-day trading on Monday, hitting $89.15. 5,074,763 shares of the company's stock were exchanged, compared to its average volume of 5,638,668. The firm has a market capitalization of $48.18 billion, a P/E ratio of 20.83, a PEG ratio of 2.67 and a beta of 1.65. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $94.30. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The company has a 50 day simple moving average of $86.18 and a 200-day simple moving average of $83.71.

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

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company's stock in a transaction that occurred 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 in the company, valued at $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the firm's stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm's stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Panagora Asset Management Inc. lifted its stake in Microchip Technology by 31.8% in the first quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company's stock worth $1,633,000 after acquiring an additional 5,237 shares during the period. Cibc World Market Inc. lifted its stake in Microchip Technology by 292.9% in the first quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company's stock worth $3,331,000 after acquiring an additional 33,044 shares during the period. Vontobel Holding Ltd. lifted its position in Microchip Technology by 4.1% during the first quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company's stock valued at $2,259,000 after buying an additional 1,159 shares during the period. Sequoia Financial Advisors LLC lifted its position in Microchip Technology by 34.1% during the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company's stock valued at $335,000 after buying an additional 1,133 shares during the period. Finally, Loomis Sayles & Co. L P lifted its position in Microchip Technology by 1,272.4% during the first quarter. Loomis Sayles & Co. L P now owns 326,717 shares of the semiconductor company's stock valued at $24,550,000 after buying an additional 302,910 shares during the period. Institutional investors own 91.51% of the company's stock.

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.