Microchip Technology (NASDAQ:MCHP) PT Raised to $102.00

Microchip Technology (NASDAQ:MCHP) had its target price lifted by Stifel Nicolaus from $98.00 to $102.00 in a research note released on Wednesday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Several other brokerages have also recently issued reports on MCHP. Needham & Company LLC boosted their price target on Microchip Technology from $85.00 to $90.00 and gave the company a buy rating in a research report on Friday, February 2nd. Piper Sandler cut Microchip Technology from an overweight rating to a neutral rating and set a $80.00 target price on the stock. in a research report on Thursday, January 4th. UBS Group dropped their target price on Microchip Technology from $105.00 to $95.00 and set a buy rating on the stock in a research report on Friday, February 2nd. Wolfe Research upgraded Microchip Technology from a peer perform rating to an outperform rating and set a $105.00 target price on the stock in a research report on Thursday, January 18th. Finally, TD Cowen boosted their target price on Microchip Technology from $75.00 to $80.00 and gave the stock a market perform rating in a research report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has a consensus rating of Moderate Buy and a consensus price target of $92.75.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $91.36 on Wednesday. The stock has a market capitalization of $49.37 billion, a PE ratio of 21.35, a price-to-earnings-growth ratio of 2.71 and a beta of 1.60. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $94.63. The stock’s 50-day moving average price is $87.88 and its 200 day moving average price is $84.95. 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 (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations 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 for the quarter was down 18.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.48 EPS. As a group, equities research analysts forecast that Microchip Technology will post 4.64 EPS for the current year.

Insider Activity at Microchip Technology

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

Institutional Investors Weigh In On Microchip Technology

Several hedge funds have recently made changes to their positions in MCHP. Principal Financial Group Inc. increased its stake in Microchip Technology by 0.9% in the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after purchasing an additional 87,203 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Microchip Technology by 1.1% during the 3rd quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after acquiring an additional 80,431 shares during the period. Norges Bank acquired a new stake in shares of Microchip Technology in the fourth quarter worth approximately $672,196,000. Van ECK Associates Corp grew its holdings in Microchip Technology by 17.2% in the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after purchasing an additional 891,297 shares during the period. Finally, Mizuho Markets Americas LLC acquired a new position in Microchip Technology during the third quarter worth approximately $225,800,000. 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.