Microchip Technology (NASDAQ:MCHP) Given New $104.00 Price Target at Citigroup

Microchip Technology (NASDAQ:MCHP) had its target price upped by research analysts at Citigroup from $100.00 to $104.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price target points to a potential upside of 13.06% from the company’s previous close.

A number of other research analysts have also recently issued reports on the stock. Wolfe Research upgraded shares of 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. Truist Financial boosted their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Stifel Nicolaus lifted their target price on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Finally, Evercore ISI started coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price for the company. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $98.47.

Microchip Technology Stock Performance

MCHP stock opened at $91.99 on Tuesday. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $96.14. The business’s fifty day moving average is $88.45 and its 200-day moving average is $85.37. The company has a market cap of $49.71 billion, a P/E 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 earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting the consensus estimate 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 company’s quarterly revenue was down 40.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.56 earnings per share. Equities research analysts forecast that Microchip Technology will post 4.64 EPS for the current year.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction 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 directly owns 32,893 shares in the company, valued at approximately $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 Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Horizon Bancorp Inc. IN bought a new position in shares of Microchip Technology in the fourth quarter valued at $110,000. Rockline Wealth Management LLC bought a new stake in Microchip Technology in the 4th quarter valued at $4,449,000. 17 Capital Partners LLC acquired a new position in Microchip Technology in the 4th quarter valued at $1,827,000. AIA Group Ltd increased its position in Microchip Technology by 80.4% during the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after buying an additional 13,326 shares during the period. Finally, GAM Holding AG boosted its position in shares of Microchip Technology by 13.9% in the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock valued at $13,128,000 after acquiring an additional 17,776 shares during the period. 91.51% of the stock is currently owned by institutional investors.

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.