B. Riley Reaffirms “Buy” Rating for Microchip Technology (NASDAQ:MCHP)

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

Several other equities analysts have also weighed in on the stock. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $65.00 in a report on Monday, December 16th. Rosenblatt Securities restated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a report on Thursday. KeyCorp decreased their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday. Citigroup decreased 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. Finally, Mizuho reduced their target price on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $77.11.

Microchip Technology Stock Down 3.6 %

NASDAQ:MCHP traded down $1.94 during trading hours on Friday, reaching $51.18. The company’s stock had a trading volume of 9,114,725 shares, compared to its average volume of 8,808,756. The company has a market cap of $27.48 billion, a price-to-earnings ratio of 35.55 and a beta of 1.50. Microchip Technology has a one year low of $50.21 and a one year high of $100.57. The business’s 50-day moving average is $58.04 and its 200-day moving average is $70.26. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Equities research analysts predict that Microchip Technology will post 1.31 EPS for the current year.

Hedge Funds Weigh In On Microchip Technology

A number of large investors have recently bought and sold shares of the business. Pallas Capital Advisors LLC acquired a new position in Microchip Technology during the 4th quarter valued at about $5,917,000. Quadrature Capital Ltd purchased a new stake in shares of Microchip Technology in the third quarter worth about $3,312,000. Symphony Financial Ltd. Co. purchased a new stake in shares of Microchip Technology in the fourth quarter worth about $520,000. Benjamin Edwards Inc. boosted its position in Microchip Technology by 5,185.4% during the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after purchasing an additional 9,230 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares in the last quarter. 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.