Microchip Technology (NASDAQ:MCHP) PT Lowered to $81.00

Microchip Technology (NASDAQ:MCHPGet Rating) had its target price dropped by equities research analysts at Morgan Stanley from $85.00 to $81.00 in a research report issued on Friday, Stock Target Advisor reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. Morgan Stanley’s price target would indicate a potential upside of 25.70% from the stock’s current price.

Several other research firms also recently weighed in on MCHP. Citigroup reduced their target price on Microchip Technology from $78.00 to $72.00 in a research report on Tuesday, May 10th. StockNews.com raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Tuesday, May 17th. BMO Capital Markets dropped their price target on shares of Microchip Technology from $95.00 to $85.00 in a research report on Tuesday, May 10th. Mizuho reduced their price objective on Microchip Technology from $75.00 to $72.00 in a research note on Tuesday, May 10th. Finally, Truist Financial dropped their target price on shares of Microchip Technology from $94.00 to $79.00 and set a “buy” rating for the company in a research report on Friday, April 8th. Six investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Microchip Technology presently has an average rating of “Buy” and a consensus target price of $92.90.

Shares of Microchip Technology stock traded down $2.19 during mid-day trading on Friday, hitting $64.44. 37,843 shares of the stock were exchanged, compared to its average volume of 4,685,717. The stock has a market capitalization of $35.73 billion, a price-to-earnings ratio of 28.45, a price-to-earnings-growth ratio of 0.61 and a beta of 1.55. Microchip Technology has a twelve month low of $63.34 and a twelve month high of $90.00. The company has a current ratio of 1.75, a quick ratio of 1.14 and a debt-to-equity ratio of 1.30. The company has a 50-day simple moving average of $68.17 and a 200 day simple moving average of $74.94.

Microchip Technology (NASDAQ:MCHPGet Rating) last released its earnings results on Monday, May 9th. The semiconductor company reported $1.26 EPS for the quarter, topping the consensus estimate of $1.17 by $0.09. Microchip Technology had a net margin of 18.85% and a return on equity of 41.89%. The firm had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the previous year, the company earned $0.82 EPS. Microchip Technology’s revenue for the quarter was up 25.6% on a year-over-year basis. Equities research analysts forecast that Microchip Technology will post 5.14 earnings per share for the current fiscal year.

In related news, CFO James Eric Bjornholt sold 2,326 shares of the stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $66.66, for a total transaction of $155,051.16. Following the sale, the chief financial officer now owns 34,207 shares in the company, valued at $2,280,238.62. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 594 shares of Microchip Technology stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $67.35, for a total value of $40,005.90. The disclosure for this sale can be found here. Insiders have sold 9,564 shares of company stock worth $637,217 over the last 90 days. 2.03% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in Microchip Technology by 28.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 945,812 shares of the semiconductor company’s stock worth $71,069,000 after buying an additional 211,679 shares in the last quarter. Neuberger Berman Group LLC boosted its position in Microchip Technology by 39.1% during the 1st quarter. Neuberger Berman Group LLC now owns 24,985 shares of the semiconductor company’s stock worth $1,886,000 after acquiring an additional 7,022 shares during the period. EP Wealth Advisors LLC grew its stake in shares of Microchip Technology by 17.5% in the first quarter. EP Wealth Advisors LLC now owns 7,328 shares of the semiconductor company’s stock worth $551,000 after purchasing an additional 1,092 shares in the last quarter. Toroso Investments LLC increased its holdings in shares of Microchip Technology by 14.5% during the first quarter. Toroso Investments LLC now owns 13,231 shares of the semiconductor company’s stock valued at $994,000 after purchasing an additional 1,680 shares during the period. Finally, Baader Bank INC bought a new stake in shares of Microchip Technology during the first quarter valued at about $714,000. Institutional investors own 89.36% of the company’s stock.

About Microchip Technology (Get Rating)

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

See Also

Stock Target Advisor logo

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

Want More Great Investing Ideas?

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.