Microchip Technology (NASDAQ:MCHP) Rating Reiterated by Susquehanna

Microchip Technology (NASDAQ:MCHP)‘s stock had its “positive” rating reiterated by stock analysts at Susquehanna in a report issued on Monday, Benzinga reports. They currently have a $100.00 price objective on the semiconductor company’s stock. Susquehanna’s price objective points to a potential upside of 9.09% from the company’s previous close.

Several other equities research analysts have also issued reports on the company. Truist Financial reduced their price target on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Rosenblatt Securities restated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Tuesday, January 30th. Stifel Nicolaus restated a “buy” rating and set a $94.00 price target on shares of Microchip Technology in a report on Thursday, March 14th. StockNews.com cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday, December 29th. Finally, 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 report on Thursday, January 18th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $91.33.

Microchip Technology Stock Up 2.8 %

Microchip Technology stock opened at $91.67 on Monday. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $94.30. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The firm has a market cap of $49.54 billion, a PE ratio of 21.42, a P/E/G ratio of 2.67 and a beta of 1.65. The firm’s 50 day moving average price is $86.33 and its two-hundred day moving average price is $83.90.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the business posted $1.48 earnings per share. Microchip Technology’s revenue for the quarter was down 18.6% compared to the same quarter last year. On average, research analysts predict that Microchip Technology will post 4.64 EPS for the current fiscal year.

Insider Transactions at Microchip Technology

In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCHP. Norges Bank acquired a new stake in Microchip Technology in the 4th quarter valued at $672,196,000. Mizuho Markets Americas LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter worth about $225,800,000. Truist Financial Corp lifted its holdings in Microchip Technology by 324.0% during the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after purchasing an additional 1,386,924 shares during the last quarter. Prudential Financial Inc. boosted its position in Microchip Technology by 98.5% in the first quarter. Prudential Financial Inc. now owns 2,056,405 shares of the semiconductor company’s stock valued at $154,518,000 after buying an additional 1,020,624 shares in the last quarter. Finally, Corient Private Wealth LLC grew its stake in Microchip Technology by 76.6% during the fourth quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock worth $184,251,000 after buying an additional 886,068 shares during the last quarter. 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.