Microchip Technology (NASDAQ:MCHP) Price Target Raised to $85.00

Microchip Technology (NASDAQ:MCHP) had its price objective lifted by investment analysts at Mizuho from $82.00 to $85.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s target price points to a potential downside of 9.34% from the company’s current price.

Several other brokerages also recently weighed in on MCHP. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Susquehanna reiterated a “positive” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Monday, April 8th. The Goldman Sachs Group lowered their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research note on Friday, February 2nd. Truist Financial lowered their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, January 9th. Finally, Evercore ISI assumed coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price on the stock. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $93.94.

Microchip Technology Trading Up 2.6 %

Microchip Technology stock opened at $93.76 on Tuesday. The firm’s 50-day moving average is $88.27 and its 200-day moving average is $85.25. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $94.63. The company has a market cap of $50.67 billion, a P/E ratio of 21.91, a PEG ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. Microchip Technology’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same period last year, the firm posted $1.56 EPS. On average, equities analysts expect that Microchip Technology will post 4.64 earnings per share for the current year.

Insider Activity

In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. lifted its position in Microchip Technology by 4.7% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock worth $3,057,000 after purchasing an additional 1,769 shares during the period. Stratos Wealth Partners LTD. lifted its position in Microchip Technology by 7.1% in the third quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock worth $453,000 after purchasing an additional 383 shares during the period. Brown Advisory Inc. lifted its holdings in shares of Microchip Technology by 2.1% during the third quarter. Brown Advisory Inc. now owns 104,768 shares of the semiconductor company’s stock valued at $8,177,000 after acquiring an additional 2,201 shares during the period. Brighton Jones LLC lifted its holdings in shares of Microchip Technology by 3.9% during the third quarter. Brighton Jones LLC now owns 3,988 shares of the semiconductor company’s stock valued at $311,000 after acquiring an additional 150 shares during the period. Finally, Strs Ohio lifted its holdings in shares of Microchip Technology by 1.8% during the third quarter. Strs Ohio now owns 212,895 shares of the semiconductor company’s stock valued at $16,616,000 after acquiring an additional 3,776 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.