Microchip Technology (NASDAQ:MCHP) PT Raised to $104.00

Microchip Technology (NASDAQ:MCHP) had its price objective lifted by Citigroup from $100.00 to $104.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price target suggests a potential upside of 13.06% from the company’s current price.

MCHP has been the topic of several other research reports. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday. The Goldman Sachs Group lifted their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday. Susquehanna increased their price objective on Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday. Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Finally, Stifel Nicolaus upped their target price on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.47.

Microchip Technology Price Performance

NASDAQ MCHP opened at $91.99 on Tuesday. The company’s 50 day simple moving average is $88.45 and its 200 day simple moving average is $85.37. 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 firm has a market capitalization of $49.71 billion, a PE ratio of 21.49, a P/E/G ratio of 2.79 and a beta of 1.60. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $96.14.

Microchip Technology (NASDAQ:MCHP) last posted 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. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.56 EPS. As a group, equities research analysts forecast that Microchip Technology will post 4.64 EPS for the current fiscal year.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology 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 sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. OFI Invest Asset Management bought a new stake in Microchip Technology in the third quarter worth approximately $26,000. BKM Wealth Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $27,000. Rakuten Securities Inc. bought a new stake in Microchip Technology in the fourth quarter worth $27,000. Rise Advisors LLC acquired a new position in Microchip Technology during the first quarter worth $28,000. Finally, Fortitude Family Office LLC bought a new position in Microchip Technology during the fourth quarter valued at about $29,000. 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.