Citigroup Upgrades Microchip Technology (NASDAQ:MCHP) to Buy

Microchip Technology (NASDAQ:MCHP) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, Marketbeat reports. The firm presently has a $100.00 target price on the semiconductor company’s stock. Citigroup’s price target would suggest a potential upside of 35.69% from the stock’s previous close.

Several other brokerages also recently weighed in on MCHP. KeyCorp lowered their price target on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday, November 3rd. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $95.00 to $105.00 and gave the company an “equal weight” rating in a report on Thursday, July 20th. Truist Financial lifted their price target on shares of Microchip Technology from $95.00 to $104.00 and gave the company a “buy” rating in a report on Friday, July 14th. Piper Sandler lowered their target price on shares of Microchip Technology from $100.00 to $80.00 and set an “overweight” rating on the stock in a report on Friday, November 3rd. Finally, Susquehanna reduced their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Friday, November 3rd. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.13.

Microchip Technology Stock Performance

MCHP opened at $73.70 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 0.64 and a debt-to-equity ratio of 0.63. Microchip Technology has a 12-month low of $67.69 and a 12-month high of $94.30. The company has a market cap of $39.88 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 1.10 and a beta of 1.60. The company’s 50 day moving average is $77.16 and its 200 day moving average is $80.50.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,363 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $78.63, for a total transaction of $185,802.69. Following the completion of the transaction, the chief financial officer now directly owns 32,004 shares of the company’s stock, valued at approximately $2,516,474.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Microchip Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Halpern Financial Inc. raised its holdings in Microchip Technology by 83.5% in the 2nd quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 132 shares during the period. OFI Invest Asset Management purchased a new stake in Microchip Technology in the 3rd quarter valued at about $26,000. Optimum Investment Advisors purchased a new stake in Microchip Technology in the 1st quarter valued at about $29,000. Almanack Investment Partners LLC. purchased a new stake in Microchip Technology in the 3rd quarter valued at about $29,000. Finally, Live Oak Investment Partners purchased a new stake in Microchip Technology in the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 90.85% of the company’s stock.

About Microchip Technology

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.