Microchip Technology’s (MCHP) “Buy” Rating Reiterated at Rosenblatt Securities

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating restated by research analysts at Rosenblatt Securities in a report issued on Wednesday, Benzinga reports. They presently have a $90.00 target price on the semiconductor company’s stock. Rosenblatt Securities’ price target points to a potential upside of 19.86% from the stock’s current price.

A number of other research firms have also commented on MCHP. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. B. Riley dropped their target price on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. KeyCorp lowered their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday. Mizuho set a $95.00 price target on shares of Microchip Technology in a report on Friday, October 18th. Finally, Susquehanna lowered their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a report on Monday, October 21st. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $94.68.

Microchip Technology Price Performance

NASDAQ MCHP opened at $75.09 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The stock has a market capitalization of $40.29 billion, a PE ratio of 30.04 and a beta of 1.53. The company has a 50 day moving average price of $77.17 and a two-hundred day moving average price of $85.20. Microchip Technology has a 12-month low of $71.76 and a 12-month high of $100.57.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors have recently made changes to their positions in the business. Plato Investment Management Ltd boosted its stake in shares of Microchip Technology by 5.8% in the 3rd quarter. Plato Investment Management Ltd now owns 3,499 shares of the semiconductor company’s stock valued at $281,000 after purchasing an additional 191 shares in the last quarter. ICICI Prudential Asset Management Co Ltd boosted its position in Microchip Technology by 35.1% during the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 65,023 shares of the semiconductor company’s stock valued at $5,221,000 after buying an additional 16,906 shares during the period. Pinnacle Financial Partners Inc boosted its position in Microchip Technology by 1.8% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 166,054 shares of the semiconductor company’s stock valued at $13,332,000 after buying an additional 2,955 shares during the period. Community Bank & Trust Waco Texas boosted its position in Microchip Technology by 0.7% during the 3rd quarter. Community Bank & Trust Waco Texas now owns 59,756 shares of the semiconductor company’s stock valued at $4,798,000 after buying an additional 427 shares during the period. Finally, Haverford Trust Co lifted its position in shares of Microchip Technology by 3.3% in the 3rd quarter. Haverford Trust Co now owns 9,067 shares of the semiconductor company’s stock worth $728,000 after purchasing an additional 293 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.