Microchip Technology (NASDAQ:MCHP) PT Raised to $90.00 at TD Cowen

Microchip Technology (NASDAQ:MCHP) had its price objective lifted by equities research analysts at TD Cowen from $80.00 to $90.00 in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s price target would indicate a potential downside of 2.16% from the company’s previous close.

A number of other brokerages have also recently issued reports on MCHP. Susquehanna reiterated a “positive” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Monday, April 8th. Evercore ISI started coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective on the stock. Stifel Nicolaus lifted their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. UBS Group cut their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Finally, Needham & Company LLC boosted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $98.47.

Microchip Technology Stock Performance

Microchip Technology 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 firm has a market cap of $49.71 billion, a P/E ratio of 21.49, a P/E/G ratio of 2.79 and a beta of 1.60. 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 firm has a 50-day moving average of $88.45 and a 200-day moving average of $85.37.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same period last year, the company earned $1.56 EPS. Sell-side analysts expect that Microchip Technology will post 4.64 EPS for the current year.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MCHP. Principal Financial Group Inc. grew its position in shares of Microchip Technology by 0.9% during the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after purchasing an additional 87,203 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Microchip Technology by 1.1% in the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after buying an additional 80,431 shares in the last quarter. Norges Bank bought a new position in shares of Microchip Technology during the fourth quarter worth $672,196,000. Van ECK Associates Corp grew its stake in Microchip Technology by 17.2% during the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after acquiring an additional 891,297 shares in the last quarter. Finally, Mizuho Markets Americas LLC bought a new stake in Microchip Technology in the 3rd quarter valued at $225,800,000. Hedge funds and other 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.