Rosenblatt Securities Reaffirms Buy Rating for Microchip Technology

Rosenblatt Securities has reaffirmed its "buy" rating for shares of Microchip Technology (NASDAQ:MCHP) following a recent report released on Wednesday. The firm has set a price target of $90.00 for the semiconductor company, indicating a potential upside of approximately 19.86% from the current stock price.

Other analysts have also been assessing Microchip Technology's stock. For instance, Truist Financial recently downgraded the stock from a "buy" to a "hold" rating, with a reduced price target of $80.00, which was announced on September 23rd. Meanwhile, B. Riley adjusted their price target down from $110.00 to $103.00, while still maintaining a "buy" rating as of August 2nd. KeyCorp adjusted their price target to $95.00, down from $100.00, assigning it an "overweight" rating. Additionally, Mizuho established a $95.00 price target in a report on October 18th, and Susquehanna also lowered their target from $105.00 to $95.00 while giving it a "positive" rating on October 21st.

In total, six equity research analysts have recommended holding the stock, while fourteen analysts have issued a buy rating. Based on MarketBeat's metrics, the stock currently holds an average rating of "Moderate Buy" with an average price target set at $94.68.

Stock Performance Overview

As of Wednesday's trading, Microchip Technology's stock opened at $75.09. The company has a market capitalization of $40.29 billion and exhibits financial ratios such as a PE ratio of 30.04 and a beta of 1.53. The company’s quick ratio stands at 1.08 and the current ratio is reported at 1.94. Over the past 50 days, the stock has averaged $77.17, whereas the 200-day moving average is $85.20. Over the last year, the stock’s lowest price has been $71.76, while the highest price reached $100.57.

Recent Insider Activity

In related corporate news, CFO James Eric Bjornholt executed a sale of 2,154 shares on August 23rd at an average price of $81.50, totaling $175,551.00 from the transaction. Post-sale, the CFO holds 33,257 shares of Microchip Technology, valued at around $2.71 million, indicating a negligible adjustment in their holding. Insider ownership currently comprises 2.10% of the company’s stock.

Institutional Investor Moves

Recently, several institutional investors have modified their holdings in Microchip Technology. Plato Investment Management Ltd has increased its stake by 5.8%, and now owns 3,499 shares valued at $281,000. Similarly, ICICI Prudential Asset Management Co Ltd raised its ownership by 35.1% and now holds 65,023 shares worth $5.22 million. Other investment firms, including Pinnacle Financial Partners Inc and Community Bank & Trust Waco Texas, have also slightly increased their positions. The data shows that hedge funds and institutional investors collectively hold 91.51% of the company’s shares.

About Microchip Technology

Microchip Technology Incorporated specializes in the design and distribution of smart, connected, and secure embedded control solutions across the Americas, Europe, and Asia. The company’s product offerings include a range of microcontroller types, such as 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers, along with specialized microcontrollers tailored for various applications, including automotive, industrial, and communications.

Microchip, Technology, Stock