Microchip Technology (NASDAQ:MCHP) PT Raised to $100.00 at Needham & Company LLC

Microchip Technology (NASDAQ:MCHP) had its price target hoisted by equities research analysts at Needham & Company LLC from $90.00 to $100.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price points to a potential upside of 8.71% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Susquehanna restated a “positive” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Monday, April 8th. Evercore ISI began coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target on the stock. Truist Financial decreased their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. The Goldman Sachs Group decreased their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. Finally, UBS Group reduced their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Stock Down 0.1 %

Shares of MCHP stock opened at $91.99 on Tuesday. The stock has a 50 day moving average of $88.45 and a 200-day moving average of $85.37. The firm has a market cap of $49.71 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $96.14.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business’s revenue was down 40.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.56 EPS. On average, equities analysts predict that Microchip Technology will post 4.64 EPS for the current year.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Institutional investors have recently modified their holdings of the company. Horizon Bancorp Inc. IN bought a new position in shares of Microchip Technology during the 4th quarter worth approximately $110,000. Rockline Wealth Management LLC acquired a new position in Microchip Technology during the fourth quarter worth $4,449,000. 17 Capital Partners LLC bought a new position in shares of Microchip Technology in the fourth quarter valued at $1,827,000. AIA Group Ltd lifted its stake in shares of 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 buying an additional 13,326 shares in the last quarter. Finally, GAM Holding AG grew its holdings in shares of Microchip Technology by 13.9% during the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock valued at $13,128,000 after buying an additional 17,776 shares during the last quarter. 91.51% of the stock is owned by 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.