Rosenblatt Securities Boosts Microchip Technology (NASDAQ:MCHP) Price Target to $70.00

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective lifted by equities research analysts at Rosenblatt Securities from $63.00 to $70.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the semiconductor company's stock. Rosenblatt Securities' price target would indicate a potential upside of 22.33% from the stock's current price.

MCHP has been the topic of several other research reports. Evercore ISI increased their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Citigroup increased their price target on shares of Microchip Technology from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. KeyCorp reduced their price target on shares of Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Friday, February 7th. B. Riley increased their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, UBS Group increased their price objective on shares of Microchip Technology from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus target price of $67.68.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $0.89 on Friday, reaching $57.22. 10,845,600 shares of the company's stock were exchanged, compared to its average volume of 8,641,981. The company has a fifty day moving average of $48.55 and a 200-day moving average of $54.93. Microchip Technology has a twelve month low of $34.13 and a twelve month high of $98.10. The company has a market capitalization of $30.86 billion, a price-to-earnings ratio of 102.18 and a beta of 1.42. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm's revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. On average, research analysts predict that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insider Activity

In other news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were 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 of the company's stock, valued at $1,913,979.14. The trade was 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.

Institutional Investors Weigh In On Microchip Technology

Several large investors have recently modified their holdings of MCHP. Norges Bank acquired a new stake in shares of Microchip Technology during the fourth quarter worth $452,627,000. Orbis Allan Gray Ltd acquired a new stake in shares of Microchip Technology during the first quarter worth $369,612,000. Invesco Ltd. increased its position in shares of Microchip Technology by 63.0% during 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. increased its position 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 buying an additional 5,136,154 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after buying an additional 3,912,895 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.