Microchip Technology (NASDAQ:MCHP) Price Target Cut to $80.00 by Analysts at Citigroup

Microchip Technology (NASDAQ:MCHP) had its price objective cut by analysts at Citigroup from $90.00 to $80.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price objective points to a potential upside of 42.15% from the stock’s current price.

A number of other brokerages have also recently weighed in on MCHP. The Goldman Sachs Group initiated coverage on Microchip Technology in a research note on Thursday, July 10th. They issued a “buy” rating and a $88.00 price target on the stock. Truist Financial reissued a “hold” rating and issued a $60.00 target price (down from $64.00) on shares of Microchip Technology in a research report on Friday. Weiss Ratings restated a “sell (d+)” rating on shares of Microchip Technology in a research report on Wednesday, October 8th. Susquehanna lowered their price objective on shares of Microchip Technology from $85.00 to $75.00 and set a “positive” rating on the stock in a research report on Friday. Finally, Needham & Company LLC cut their target price on shares of Microchip Technology from $77.00 to $73.00 and set a “buy” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.47.

Microchip Technology Price Performance

Microchip Technology stock traded down $3.07 during mid-day trading on Friday, hitting $56.28. The company’s stock had a trading volume of 18,784,524 shares, compared to its average volume of 9,684,992. The stock has a market capitalization of $30.37 billion, a P/E ratio of -165.53, a P/E/G ratio of 1.79 and a beta of 1.57. Microchip Technology has a twelve month low of $34.13 and a twelve month high of $77.20. The stock’s fifty day moving average price is $64.42 and its two-hundred day moving average price is $63.97. The company has a quick ratio of 1.33, a current ratio of 2.31 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, November 6th. The semiconductor company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.13 billion. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%.The company’s revenue was down 2.0% compared to the same quarter last year. During the same period last year, the company posted $0.46 EPS. Microchip Technology has set its Q3 2026 guidance at 0.340-0.400 EPS. Research analysts forecast that Microchip Technology will post 1.03 earnings per share for the current year.

Insider Transactions at Microchip Technology

In related news, Director Matthew W. Chapman sold 10,000 shares of the stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $68.25, for a total value of $682,500.00. Following the transaction, the director owned 30,665 shares in the company, valued at approximately $2,092,886.25. This represents a 24.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 7,356 shares of the firm’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $68.72, for a total transaction of $505,504.32. Following the transaction, the chief financial officer directly owned 30,010 shares in the company, valued at approximately $2,062,287.20. The trade was a 19.69% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.94% of the stock is owned by company insiders.

Institutional Trading of Microchip Technology

Several large investors have recently added to or reduced their stakes in MCHP. Winnow Wealth LLC bought a new position in shares of Microchip Technology during the 3rd quarter valued at $25,000. Root Financial Partners LLC acquired a new position in Microchip Technology during the third quarter worth $28,000. Salomon & Ludwin LLC raised its holdings in Microchip Technology by 219.3% during the third quarter. Salomon & Ludwin LLC now owns 479 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 329 shares in the last quarter. Quent Capital LLC acquired a new stake in shares of Microchip Technology in the third quarter worth about $32,000. Finally, MCF Advisors LLC lifted its position in shares of Microchip Technology by 211.2% in the second quarter. MCF Advisors LLC now owns 473 shares of the semiconductor company’s stock worth $33,000 after buying an additional 321 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.