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

Microchip Technology (NASDAQ:MCHP) had its target price hoisted by analysts at B. Riley from $105.00 to $110.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. B. Riley’s price target would indicate a potential upside of 19.58% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC upped their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Citigroup raised their target price on Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday. UBS Group boosted their price target on Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research note on Tuesday. Piper Sandler restated a “neutral” rating and set a $90.00 price target (up from $80.00) on shares of Microchip Technology in a report on Tuesday. Finally, Evercore ISI started coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective for the company. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Trading Down 0.1 %

Shares of MCHP stock opened at $91.99 on Tuesday. Microchip Technology has a 1-year low of $68.75 and a 1-year high of $96.14. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The stock has a market cap of $49.71 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 2.79 and a beta of 1.60. The stock has a 50-day moving average of $88.45 and a 200-day moving average of $85.37.

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

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.07% of the company’s stock.

Institutional Trading of Microchip Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Bleakley Financial Group LLC increased its position in shares of Microchip Technology by 1.3% during the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares during the last quarter. Financial Counselors Inc. raised its position in Microchip Technology by 1.1% in the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after acquiring an additional 119 shares during the period. RFG Advisory LLC boosted its stake in Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after acquiring an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC grew its position in shares of Microchip Technology by 1.0% during the 4th quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after acquiring an additional 125 shares during the period. Finally, Merit Financial Group LLC increased its stake in shares of Microchip Technology by 1.9% during the 3rd quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock worth $554,000 after purchasing an additional 134 shares during 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.