Stifel Nicolaus Raises Microchip Technology (NASDAQ:MCHP) Price Target to $102.00

Microchip Technology (NASDAQ:MCHP) had its target price lifted by Stifel Nicolaus from $98.00 to $102.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

Other equities research analysts have also recently issued research reports about the stock. UBS Group decreased their target price on shares of Microchip Technology from $105.00 to $95.00 and set a buy rating for the company in a research report on Friday, February 2nd. Rosenblatt Securities reissued a buy rating and set a $100.00 target price on shares of Microchip Technology in a research report on Tuesday, January 30th. Evercore ISI initiated coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an outperform rating and a $106.00 target price for the company. The Goldman Sachs Group decreased their target price on shares of Microchip Technology from $87.00 to $77.00 and set a neutral rating for the company in a research report on Friday, February 2nd. Finally, Susquehanna reaffirmed a positive rating and issued a $100.00 price target on shares of Microchip Technology in a report on Monday, April 8th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $92.75.

Microchip Technology Price Performance

Shares of MCHP opened at $91.36 on Wednesday. The company has a 50 day moving average price of $87.88 and a 200-day moving average price of $84.95. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $94.63. The stock has a market capitalization of $49.37 billion, a PE ratio of 21.35, a PEG ratio of 2.71 and a beta of 1.60. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

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

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently modified their holdings of MCHP. OFI Invest Asset Management purchased a new position in shares of Microchip Technology in the third quarter worth about $26,000. BKM Wealth Management LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $27,000. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology in the fourth quarter worth about $27,000. Rise Advisors LLC purchased a new position in shares of Microchip Technology in the first quarter worth about $28,000. Finally, Fortitude Family Office LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $29,000. 91.51% of the stock is 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.