Microchip Technology (NASDAQ:MCHP) PT Raised to $103.00

Microchip Technology (NASDAQ:MCHP) had its price objective upped by equities research analysts at UBS Group from $95.00 to $103.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. UBS Group’s price target points to a potential upside of 11.97% from the company’s previous close.

MCHP has been the topic of a number of other research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. The Goldman Sachs Group raised their price target on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday. Stifel Nicolaus upped their price objective on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Mizuho raised their target price on Microchip Technology from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Evercore ISI assumed coverage on Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target for the company. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $98.47.

Microchip Technology Trading Down 0.1 %

Microchip Technology 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 market capitalization of $49.71 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. The business’s fifty day simple moving average is $88.45 and its two-hundred day simple moving average is $85.37. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

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

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MCHP. Cambridge Investment Research Advisors Inc. grew its stake in Microchip Technology by 4.7% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock valued at $3,057,000 after acquiring an additional 1,769 shares in the last quarter. Stratos Wealth Partners LTD. increased its holdings in shares of Microchip Technology by 7.1% in the third quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock worth $453,000 after purchasing an additional 383 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of Microchip Technology by 2.1% in the third quarter. Brown Advisory Inc. now owns 104,768 shares of the semiconductor company’s stock worth $8,177,000 after buying an additional 2,201 shares in the last quarter. Brighton Jones LLC boosted its stake in Microchip Technology by 3.9% during the third quarter. Brighton Jones LLC now owns 3,988 shares of the semiconductor company’s stock valued at $311,000 after buying an additional 150 shares during the last quarter. Finally, Strs Ohio grew its holdings in Microchip Technology by 1.8% during the 3rd quarter. Strs Ohio now owns 212,895 shares of the semiconductor company’s stock valued at $16,616,000 after buying an additional 3,776 shares in the last quarter. 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.