Stifel Nicolaus Raises Microchip Technology (NASDAQ:MCHP) Price Target to $98.00

Microchip Technology (NASDAQ:MCHP) had its price objective raised by analysts at Stifel Nicolaus from $94.00 to $98.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 19.98% from the company’s previous close.

A number of other research firms also recently commented on MCHP. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Thursday, January 18th. Needham & Company LLC increased their price target on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Piper Sandler downgraded Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a report on Thursday, January 4th. Evercore ISI assumed coverage on Microchip Technology in a report on Tuesday. They issued an “outperform” rating and a $106.00 price target for the company. Finally, UBS Group lowered their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $92.50.

Microchip Technology Trading Down 3.0 %

Shares of MCHP opened at $81.68 on Thursday. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $94.30. The firm has a market capitalization of $44.14 billion, a PE ratio of 19.08, a price-to-earnings-growth ratio of 2.60 and a beta of 1.65. The stock’s fifty day simple moving average is $86.50 and its 200-day simple moving average is $84.27.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm’s revenue was down 18.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.48 earnings per share. As a group, research analysts predict that Microchip Technology will post 4.64 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by corporate insiders.

Institutional Trading of Microchip Technology

A number of hedge funds have recently made changes to their positions in the business. Bleakley Financial Group LLC lifted its position in shares of Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after buying an additional 119 shares during the last quarter. Aspire Private Capital LLC lifted its position in shares of Microchip Technology by 3.2% in the fourth quarter. Aspire Private Capital LLC now owns 3,904 shares of the semiconductor company’s stock valued at $274,266,959,000 after buying an additional 120 shares during the last quarter. RFG Advisory LLC lifted its position in shares of Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after buying an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC increased its stake in shares of Microchip Technology by 1.0% during the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after purchasing an additional 125 shares during the period. Finally, Merit Financial Group LLC increased its stake in shares of Microchip Technology by 1.9% during the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock worth $554,000 after purchasing an additional 134 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

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.