Microchip Technology (NASDAQ:MCHP) Rating Reiterated by Piper Sandler

Microchip Technology (NASDAQ:MCHP)‘s stock had its “neutral” rating reiterated by analysts at Piper Sandler in a research report issued on Tuesday, Benzinga reports. They presently have a $90.00 price objective on the semiconductor company’s stock, up from their prior price objective of $80.00. Piper Sandler’s price objective indicates a potential downside of 2.16% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on MCHP. Evercore ISI began coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Truist Financial increased their price target on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Finally, UBS Group reduced their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Stock Down 0.1 %

NASDAQ:MCHP opened at $91.99 on Tuesday. 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 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 50-day moving average price of $88.45 and a two-hundred day moving average price of $85.37. Microchip Technology has a 1 year low of $68.75 and a 1 year 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 during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company’s quarterly revenue was down 40.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.56 EPS. As a group, equities analysts expect that Microchip Technology will post 4.64 earnings per share for the current year.

Insider Activity

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 transaction of $165,283.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Microchip Technology

A number of hedge funds have recently made changes to their positions in MCHP. Cambridge Investment Research Advisors Inc. increased its position in Microchip Technology by 4.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock valued at $3,057,000 after acquiring an additional 1,769 shares during the period. Stratos Wealth Partners LTD. raised its position in shares of Microchip Technology by 7.1% during the third quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock worth $453,000 after acquiring an additional 383 shares during the last quarter. Brown Advisory Inc. lifted its stake in shares of Microchip Technology by 2.1% in the third quarter. Brown Advisory Inc. now owns 104,768 shares of the semiconductor company’s stock worth $8,177,000 after acquiring an additional 2,201 shares during the period. Brighton Jones LLC boosted its holdings in Microchip Technology by 3.9% in the third 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 during the last quarter. Finally, Strs Ohio increased its position in Microchip Technology by 1.8% during the 3rd quarter. Strs Ohio now owns 212,895 shares of the semiconductor company’s stock valued at $16,616,000 after purchasing an additional 3,776 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

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.