Microchip Technology’s (MCHP) “Buy” Rating Reaffirmed at B. Riley

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reissued by investment analysts at B. Riley in a research note issued to investors on Friday,Benzinga reports. They presently have a $75.00 target price on the semiconductor company’s stock, down from their prior target price of $85.00. B. Riley’s target price indicates a potential upside of 46.56% from the company’s previous close.

Several other analysts also recently commented on MCHP. Needham & Company LLC reduced their target price on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating for the company in a report on Friday. Citigroup lowered their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Stifel Nicolaus reduced their target price on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. Finally, Piper Sandler reissued an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $77.11.

Microchip Technology Stock Performance

Shares of MCHP traded down $1.94 during trading hours on Friday, reaching $51.18. 9,114,725 shares of the company traded hands, compared to its average volume of 8,808,756. Microchip Technology has a 1-year low of $50.21 and a 1-year high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The stock has a market cap of $27.48 billion, a P/E ratio of 35.55 and a beta of 1.50. The stock’s fifty day moving average is $58.04 and its 200 day moving average is $70.26.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Equities research analysts anticipate that Microchip Technology will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Microchip Technology

Large investors have recently bought and sold shares of the stock. Prospera Private Wealth LLC acquired a new stake in Microchip Technology during the 3rd quarter valued at $29,000. Peterson Financial Group Inc. bought a new position in Microchip Technology during the 3rd quarter valued at $34,000. Truvestments Capital LLC bought a new position in Microchip Technology during the 3rd quarter valued at $34,000. Mainstream Capital Management LLC bought a new position in Microchip Technology during the 4th quarter valued at $26,000. Finally, OFI Invest Asset Management bought a new position in Microchip Technology during the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

About Microchip Technology

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.