Microchip Technology (NASDAQ:MCHP) Price Target Cut to $95.00 by Analysts at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its price target cut by stock analysts at KeyCorp from $100.00 to $95.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s target price would indicate a potential upside of 26.51% from the stock’s current price.

A number of other analysts also recently issued reports on MCHP. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and decreased their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Mizuho set a $95.00 target price on Microchip Technology in a research report on Friday, October 18th. Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.68.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $75.09 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The business has a fifty day simple moving average of $77.17 and a two-hundred day simple moving average of $85.20. Microchip Technology has a 1 year low of $71.76 and a 1 year high of $100.57. The company has a market capitalization of $40.29 billion, a P/E ratio of 30.04 and a beta of 1.53.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

A number of large investors have recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC raised its position in Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares in the last quarter. Corundum Group Inc. increased its holdings in shares of Microchip Technology by 3.4% in the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after buying an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI increased its holdings in shares of Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after buying an additional 148 shares during the period. Busey Bank increased its holdings in shares of Microchip Technology by 2.6% in the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after buying an additional 155 shares during the period. Finally, Financial Advocates Investment Management increased its holdings in shares of Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after buying an additional 158 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.