Microchip Technology (NASDAQ:MCHP) PT Raised to $96.00 at Truist Financial

Microchip Technology (NASDAQ:MCHP) had its target price lifted by analysts at Truist Financial from $93.00 to $96.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Truist Financial’s price objective indicates a potential upside of 4.36% from the company’s current price.

Several other equities analysts have also issued reports on MCHP. UBS Group cut their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. TD Cowen lifted their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday. Mizuho increased their price objective on shares of Microchip Technology from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Tuesday. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Thursday, January 18th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.47.

Microchip Technology Stock Down 0.1 %

Shares of NASDAQ MCHP 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 firm’s 50-day simple moving average is $88.45 and its 200 day simple moving average is $85.37. 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 company has a market cap 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.

Microchip Technology (NASDAQ:MCHP) last released its quarterly 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 net margin of 27.59% and a return on equity of 45.59%. 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 firm earned $1.56 earnings per share. Microchip Technology’s revenue was down 40.6% compared to the same quarter last year. On average, research analysts expect that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Microchip Technology 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 value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.07% of the company’s stock.

Institutional Trading of Microchip Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Microchip Technology in the 4th quarter valued at approximately $672,196,000. Mizuho Markets Americas LLC bought a new position in Microchip Technology during the 3rd quarter worth $225,800,000. Truist Financial Corp grew its position in shares of Microchip Technology by 324.0% in the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after buying an additional 1,386,924 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Microchip Technology by 17.2% in 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 buying an additional 891,297 shares during the period. Finally, Corient Private Wealth LLC raised its position in shares of Microchip Technology by 76.6% during the fourth quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock worth $184,251,000 after acquiring an additional 886,068 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.