Needham & Company LLC Reiterates “Buy” Rating for Microchip Technology (NASDAQ:MCHP)

Microchip Technology (NASDAQ:MCHP)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They presently have a $85.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target suggests a potential upside of 37.90% from the company’s previous close.

Several other brokerages also recently weighed in on MCHP. Evercore ISI reissued an “outperform” rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Susquehanna cut their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Piper Sandler cut their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Finally, Jefferies Financial Group cut their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Price Performance

Microchip Technology stock opened at $61.64 on Tuesday. The company has a market cap of $33.10 billion, a price-to-earnings ratio of 43.11 and a beta of 1.50. The firm’s fifty day moving average is $73.04 and its 200 day moving average is $81.73. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology has a 52-week low of $61.07 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.54 earnings per share. Sell-side analysts forecast that Microchip Technology will post 1.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Microchip Technology

Several institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. grew its position in Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after acquiring an additional 776,408 shares in the last quarter. Synovus Financial Corp grew its position in Microchip Technology by 9.6% in the 3rd quarter. Synovus Financial Corp now owns 70,644 shares of the semiconductor company’s stock valued at $5,672,000 after acquiring an additional 6,191 shares in the last quarter. Tidal Investments LLC grew its position in shares of Microchip Technology by 3.2% during the third quarter. Tidal Investments LLC now owns 36,267 shares of the semiconductor company’s stock worth $2,912,000 after buying an additional 1,108 shares in the last quarter. Wilmington Savings Fund Society FSB grew its position in shares of Microchip Technology by 16.6% during the third quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company’s stock worth $4,849,000 after buying an additional 8,592 shares in the last quarter. Finally, Arvest Bank Trust Division acquired a new position in shares of Microchip Technology during the third quarter worth about $223,000. 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.