Microchip Technology (NASDAQ:MCHP) Price Target Increased to $102.00 by Analysts at Stifel Nicolaus

Microchip Technology (NASDAQ:MCHP) had its target price raised by Stifel Nicolaus from $98.00 to $102.00 in a report published on Wednesday, Benzinga reports. Stifel Nicolaus currently has a buy rating on the semiconductor company’s stock.

Several other equities research analysts also recently weighed in on the stock. Rosenblatt Securities reissued a buy rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Piper Sandler lowered shares of Microchip Technology from an overweight rating to a neutral rating and set a $80.00 price objective on the stock. in a research report on Thursday, January 4th. UBS Group decreased their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a buy rating for the company in a research note on Friday, February 2nd. Truist Financial cut their target price on Microchip Technology from $97.00 to $93.00 and set a buy rating on the stock in a research note on Tuesday, January 9th. Finally, Needham & Company LLC raised their price target on Microchip Technology from $85.00 to $90.00 and gave the stock a buy rating in a research note on Friday, February 2nd. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Microchip Technology has a consensus rating of Moderate Buy and an average price target of $92.75.

Microchip Technology Trading Down 3.5 %

Shares of MCHP stock opened at $88.79 on Wednesday. The company has a market cap of $47.98 billion, a PE ratio of 20.75, a price-to-earnings-growth ratio of 2.81 and a beta of 1.60. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $94.63. The stock’s 50 day simple moving average is $87.77 and its two-hundred day simple moving average is $84.92. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.48 EPS. Research analysts predict that Microchip Technology will post 4.64 earnings per share for the current year.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated 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 directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Rockline Wealth Management LLC increased its position in shares of Microchip Technology by 1.6% during the first quarter. Rockline Wealth Management LLC now owns 50,116 shares of the semiconductor company’s stock worth $4,496,000 after purchasing an additional 782 shares in the last quarter. Palisade Asset Management LLC purchased a new position in Microchip Technology during the 1st quarter worth $104,000. Resonant Capital Advisors LLC increased its position in Microchip Technology by 2.4% during the 1st quarter. Resonant Capital Advisors LLC now owns 8,177 shares of the semiconductor company’s stock valued at $734,000 after buying an additional 189 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Microchip Technology by 6.3% in the first quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock valued at $20,242,000 after buying an additional 13,304 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Microchip Technology by 6.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,077,262 shares of the semiconductor company’s stock worth $92,277,000 after acquiring an additional 61,165 shares in the last quarter. 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.