Microchip Technology (NASDAQ:MCHP) PT Raised to $100.00

Microchip Technology (NASDAQ:MCHP) had its target price hoisted by equities research analysts at Needham & Company LLC from $90.00 to $100.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 6.66% from the company’s current price.

A number of other equities analysts have also weighed in on the company. Stifel Nicolaus upped their target price on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Truist Financial reduced their price target on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, January 9th. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Thursday, January 18th. TD Cowen raised their price target on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday. Finally, UBS Group reduced their price target 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. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $93.94.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $93.76 on Tuesday. The firm has a market capitalization of $50.67 billion, a P/E ratio of 21.91, a P/E/G ratio of 2.79 and a beta of 1.60. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The stock’s 50-day simple moving average is $88.27 and its two-hundred day simple moving average is $85.25. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $94.63.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.56 EPS. As a group, equities analysts anticipate that Microchip Technology will post 4.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Horizon Bancorp Inc. IN purchased a new stake in Microchip Technology in the fourth quarter worth about $110,000. Rockline Wealth Management LLC purchased a new position in Microchip Technology in the 4th quarter worth approximately $4,449,000. 17 Capital Partners LLC bought a new position in Microchip Technology in the 4th quarter valued at approximately $1,827,000. AIA Group Ltd boosted its stake in Microchip Technology by 80.4% during the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock valued at $2,697,000 after purchasing an additional 13,326 shares during the last quarter. Finally, GAM Holding AG raised its stake in shares of Microchip Technology by 13.9% in the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock worth $13,128,000 after purchasing an additional 17,776 shares during the last quarter. Hedge funds and other institutional investors own 91.51% 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.