Microchip Technology (NASDAQ:MCHP) Raised to “Neutral” at Bank of America

Microchip Technology (NASDAQ:MCHP) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a report issued on Friday, Marketbeat reports. The firm currently has a $56.00 price objective on the semiconductor company’s stock. Bank of America‘s target price indicates a potential upside of 1.21% from the company’s current price.

MCHP has been the topic of a number of other research reports. Raymond James reissued a “strong-buy” rating and set a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Morgan Stanley reduced their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Evercore ISI raised their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Stifel Nicolaus decreased their price target on shares of Microchip Technology from $80.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Finally, Citigroup dropped their price objective on Microchip Technology from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, April 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $67.42.

Microchip Technology Trading Up 12.6 %

NASDAQ MCHP opened at $55.33 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $29.76 billion, a P/E ratio of 98.80 and a beta of 1.42. The business has a fifty day simple moving average of $47.06 and a 200 day simple moving average of $56.44. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $100.57.

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

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Large investors have recently added to or reduced their stakes in the business. Pallas Capital Advisors LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $5,917,000. Consolidated Planning Corp purchased a new stake in Microchip Technology in the 4th quarter worth approximately $308,000. one8zero8 LLC acquired a new position in Microchip Technology in the 4th quarter valued at $384,000. Symphony Financial Ltd. Co. purchased a new position in shares of Microchip Technology during the 4th quarter worth $520,000. Finally, Truist Financial Corp boosted its holdings in shares of Microchip Technology by 5.8% during the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock worth $55,024,000 after purchasing an additional 52,222 shares during the last quarter. 91.51% of the stock is 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.