Microchip Technology (NASDAQ:MCHP) Price Target Raised to $105.00

Microchip Technology (NASDAQ:MCHP) had its price target upped by equities researchers at Susquehanna from $100.00 to $105.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s target price suggests a potential upside of 14.14% from the company’s current price.

Several other equities research analysts have also commented on the company. UBS Group cut their price objective on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Evercore ISI began coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective on the stock. Needham & Company LLC lifted their target price on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday. Stifel Nicolaus raised their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Finally, Rosenblatt Securities restated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $98.47.

Microchip Technology Stock Down 0.1 %

MCHP stock opened at $91.99 on Tuesday. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $96.14. 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 capitalization of $49.71 billion, a P/E ratio of 21.49, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. The firm’s fifty day simple moving average is $88.45 and its 200-day simple moving average is $85.37.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the company earned $1.56 EPS. The business’s revenue was down 40.6% on a year-over-year basis. As a group, equities research analysts forecast that Microchip Technology will post 4.64 earnings per share for the current year.

Insiders Place Their Bets

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. 2.07% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Horizon Bancorp Inc. IN purchased a new stake in Microchip Technology during the 4th quarter worth approximately $110,000. Rockline Wealth Management LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth $4,449,000. 17 Capital Partners LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at $1,827,000. AIA Group Ltd boosted its holdings in Microchip Technology by 80.4% in the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock valued at $2,697,000 after purchasing an additional 13,326 shares during the period. Finally, GAM Holding AG grew its stake in Microchip Technology by 13.9% during the 4th quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock worth $13,128,000 after purchasing an additional 17,776 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Company Profile

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.