Microchip Technology (NASDAQ:MCHP) PT Raised to $110.00 at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its target price increased by KeyCorp from $90.00 to $110.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s target price suggests a potential upside of 19.58% from the company’s previous close.

Several other research firms have also issued reports on MCHP. Mizuho increased their target price on shares of Microchip Technology from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Tuesday. Evercore ISI initiated coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective for the company. Piper Sandler reaffirmed a “neutral” rating and issued a $90.00 target price (up from $80.00) on shares of Microchip Technology in a report on Tuesday. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Tuesday, January 30th. Finally, Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Thursday, January 18th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.47.

Microchip Technology Price Performance

NASDAQ MCHP opened at $91.99 on Tuesday. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $49.71 billion, a P/E ratio of 21.49, a PEG ratio of 2.79 and a beta of 1.60. The company has a 50-day moving average price of $88.45 and a 200-day moving average price of $85.37. Microchip Technology has a 52 week low of $68.75 and a 52 week 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 the consensus estimate of $0.57. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the business posted $1.56 EPS. Microchip Technology’s revenue was down 40.6% on a year-over-year basis. Equities research analysts anticipate that Microchip Technology will post 4.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’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 transaction of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. boosted its position in Microchip Technology by 4.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock worth $3,057,000 after acquiring an additional 1,769 shares during the period. Stratos Wealth Partners LTD. increased its stake in Microchip Technology by 7.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock valued at $453,000 after buying an additional 383 shares during the period. Brown Advisory Inc. lifted its position in Microchip Technology by 2.1% in the 3rd 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 grew its holdings in shares of Microchip Technology by 3.9% during the 3rd quarter. Brighton Jones LLC now owns 3,988 shares of the semiconductor company’s stock valued at $311,000 after acquiring an additional 150 shares in the last quarter. Finally, Strs Ohio raised its holdings in shares of Microchip Technology by 1.8% during the third quarter. Strs Ohio now owns 212,895 shares of the semiconductor company’s stock worth $16,616,000 after acquiring an additional 3,776 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.