Truist Financial Boosts Microchip Technology (NASDAQ:MCHP) Price Target to $96.00

Microchip Technology (NASDAQ:MCHP) had its target price hoisted by stock analysts at Truist Financial from $93.00 to $96.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Truist Financial’s price objective points to a potential upside of 2.39% from the company’s current price.

MCHP has been the topic of several other reports. Stifel Nicolaus upped their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Tuesday, January 30th. TD Cowen raised their target price on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday. Susquehanna lifted their price objective on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a report on Tuesday. Finally, Needham & Company LLC upped their target price on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $94.44.

Microchip Technology Price Performance

Shares of MCHP stock opened at $93.76 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The company has a market cap of $50.67 billion, a P/E ratio of 21.91, a PEG ratio of 2.79 and a beta of 1.60. The stock’s 50-day moving average is $88.27 and its 200 day moving average is $85.25. Microchip Technology has a 1-year low of $68.75 and a 1-year high of $94.63.

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

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’s 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 in the company, valued at approximately $2,759,722.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology during the third quarter worth about $26,000. BKM Wealth Management LLC acquired a new stake in Microchip Technology during the 4th quarter worth approximately $27,000. Rakuten Securities Inc. purchased a new position in Microchip Technology in the 4th quarter valued at approximately $27,000. Rise Advisors LLC acquired a new position in shares of Microchip Technology in the first quarter worth $28,000. Finally, Fortitude Family Office LLC acquired a new position in Microchip Technology during the 4th quarter worth $29,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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.