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

Microchip Technology (NASDAQ:MCHPGet Rating) had its price target decreased by investment analysts at B. Riley from $105.00 to $85.00 in a report released on Tuesday, The Fly reports. B. Riley’s target price would suggest a potential upside of 32.17% from the company’s previous close.

Several other equities analysts have also recently issued reports on MCHP. Stifel Nicolaus lifted their price objective on Microchip Technology from $82.00 to $84.00 and gave the company a “hold” rating in a research note on Friday, February 4th. UBS Group boosted their target price on Microchip Technology from $98.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, March 9th. StockNews.com downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Monday. Rosenblatt Securities boosted their price objective on shares of Microchip Technology from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Friday, February 4th. Finally, Truist Financial reduced their price objective on shares of Microchip Technology from $94.00 to $79.00 and set a “buy” rating for the company in a research report on Friday, April 8th. Seven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology has an average rating of “Buy” and a consensus price target of $93.93.

NASDAQ MCHP opened at $64.31 on Tuesday. The company has a market cap of $35.76 billion, a P/E ratio of 37.83, a P/E/G ratio of 0.68 and a beta of 1.56. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.81 and a quick ratio of 1.18. The stock has a 50-day moving average of $70.23 and a two-hundred day moving average of $76.75. Microchip Technology has a 1-year low of $63.34 and a 1-year high of $90.00.

Microchip Technology (NASDAQ:MCHPGet Rating) last released its earnings results on Monday, May 9th. The semiconductor company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.10. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. Microchip Technology had a return on equity of 38.44% and a net margin of 14.95%. Microchip Technology’s revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 EPS. On average, analysts anticipate that Microchip Technology will post 4.18 EPS for the current fiscal year.

In other news, VP Mitchell R. Little sold 3,613 shares of the company’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $70.93, for a total transaction of $256,270.09. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,885 shares of the stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $70.93, for a total transaction of $133,703.05. The disclosure for this sale can be found here. Insiders sold a total of 6,498 shares of company stock worth $460,903 over the last three months. 2.03% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Dodge & Cox grew its stake in Microchip Technology by 87.3% in the 4th quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock valued at $2,571,680,000 after acquiring an additional 13,768,272 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Microchip Technology by 1.9% in the 1st quarter. Principal Financial Group Inc. now owns 10,818,661 shares of the semiconductor company’s stock valued at $812,914,000 after purchasing an additional 200,602 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Microchip Technology by 107.9% in the 4th quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock valued at $898,949,000 after purchasing an additional 5,373,594 shares in the last quarter. Northern Trust Corp lifted its holdings in Microchip Technology by 99.1% in the 4th quarter. Northern Trust Corp now owns 7,429,772 shares of the semiconductor company’s stock valued at $646,836,000 after purchasing an additional 3,698,604 shares in the last quarter. Finally, Norges Bank purchased a new position in Microchip Technology in the 4th quarter valued at about $462,517,000. 89.36% of the stock is currently owned by hedge funds and other institutional investors.

About Microchip Technology (Get Rating)

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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