Microchip Technology (NASDAQ:MCHP) Raised to Buy at Wall Street Zen

Microchip Technology (NASDAQ:MCHP) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

Other analysts also recently issued reports about the company. Cantor Fitzgerald upped their target price on Microchip Technology from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Truist Financial raised their price target on Microchip Technology from $60.00 to $68.00 and gave the stock a “hold” rating in a research report on Friday, February 6th. Zacks Research downgraded Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 24th. Needham & Company LLC upped their price objective on shares of Microchip Technology from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Finally, Argus upgraded shares of Microchip Technology to a “strong-buy” rating in a research note on Monday, February 9th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.00.

Microchip Technology Stock Down 3.1%

Shares of MCHP opened at $60.06 on Tuesday. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $83.35. The firm’s 50 day moving average is $72.01 and its 200-day moving average is $66.53. The stock has a market capitalization of $32.50 billion, a PE ratio of -207.10, a P/E/G ratio of 1.56 and a beta of 1.45. The company has a current ratio of 2.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.82.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 5th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Microchip Technology had a positive return on equity of 7.16% and a negative net margin of 1.57%.The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 earnings per share. Microchip Technology has set its Q4 2026 guidance at 0.480-0.520 EPS. Equities research analysts forecast that Microchip Technology will post 1.03 EPS for the current year.

Insider Activity at Microchip Technology

In other news, CEO Steve Sanghi sold 98,814 shares of the stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $80.55, for a total value of $7,959,467.70. Following the completion of the transaction, the chief executive officer owned 9,922,319 shares of the company’s stock, valued at approximately $799,242,795.45. This represents a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.94% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. MCF Advisors LLC raised its holdings in Microchip Technology by 25.8% in the 4th quarter. MCF Advisors LLC now owns 659 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 135 shares during the last quarter. Gagnon Securities LLC boosted its position in Microchip Technology by 0.5% during the 4th quarter. Gagnon Securities LLC now owns 27,162 shares of the semiconductor company’s stock worth $1,731,000 after buying an additional 137 shares during the period. Evelyn Partners Investment Management LLP grew its holdings in Microchip Technology by 1.5% during the 4th quarter. Evelyn Partners Investment Management LLP now owns 9,300 shares of the semiconductor company’s stock worth $593,000 after acquiring an additional 140 shares during the last quarter. Millstone Evans Group LLC increased its position in Microchip Technology by 23.7% in the 4th quarter. Millstone Evans Group LLC now owns 742 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 142 shares during the period. Finally, Dorsey & Whitney Trust CO LLC increased its position in Microchip Technology by 1.6% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 8,973 shares of the semiconductor company’s stock valued at $572,000 after acquiring an additional 143 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

About Microchip Technology

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.