Microchip Technology (NASDAQ:MCHP) Stock Rating Reaffirmed by Needham & Company LLC

Microchip Technology (NASDAQ:MCHP – Get Rating)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They presently have a $110.00 price objective on the semiconductor company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 32.12% from the stock’s previous close.

Several other research analysts have also recently commented on MCHP. Piper Sandler boosted their target price on Microchip Technology from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. The Goldman Sachs Group boosted their target price on Microchip Technology from $76.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday, February 6th. Susquehanna boosted their target price on Microchip Technology from $85.00 to $100.00 and gave the stock a “positive” rating in a research note on Friday, February 3rd. Raymond James upped their price objective on Microchip Technology from $90.00 to $105.00 and gave the stock a “strong-buy” rating in a research report on Friday, February 3rd. Finally, KeyCorp upped their price objective on Microchip Technology from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $90.58.

Microchip Technology Trading Down 1.5 %

MCHP opened at $83.26 on Wednesday. Microchip Technology has a 12 month low of $54.33 and a 12 month high of $87.76. The stock has a market capitalization of $45.61 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 0.85 and a beta of 1.58. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.76 and a quick ratio of 1.04. The business has a fifty day moving average price of $78.86 and a 200 day moving average price of $71.61.

Institutional Trading of Microchip Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Microchip Technology by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 65,524,560 shares of the semiconductor company’s stock valued at $3,998,964,000 after acquiring an additional 417,578 shares during the last quarter. Dodge & Cox raised its stake in Microchip Technology by 1.7% during the 2nd quarter. Dodge & Cox now owns 32,228,436 shares of the semiconductor company’s stock valued at $1,871,828,000 after acquiring an additional 551,092 shares during the last quarter. Geode Capital Management LLC raised its stake in Microchip Technology by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 11,497,628 shares of the semiconductor company’s stock valued at $806,561,000 after acquiring an additional 229,775 shares during the last quarter. Macquarie Group Ltd. raised its stake in Microchip Technology by 1.6% during the 3rd quarter. Macquarie Group Ltd. now owns 8,517,994 shares of the semiconductor company’s stock valued at $519,852,000 after acquiring an additional 131,879 shares during the last quarter. Finally, Boston Partners raised its stake in Microchip Technology by 3.5% during the 4th quarter. Boston Partners now owns 7,935,488 shares of the semiconductor company’s stock valued at $559,863,000 after acquiring an additional 269,862 shares during the last quarter. 89.85% of the stock is owned by hedge funds and other institutional investors.

About Microchip Technology

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Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.