Microchip Technology (NASDAQ:MCHP) Price Target Increased to $100.00 by Analysts at Needham & Company LLC

Microchip Technology (NASDAQ:MCHP) had its price objective lifted by Needham & Company LLC from $90.00 to $100.00 in a report released on Tuesday, Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

Other analysts have also issued reports about the stock. The Goldman Sachs Group dropped their price target on shares of Microchip Technology from $87.00 to $77.00 and set a neutral rating on the stock in a research report on Friday, February 2nd. UBS Group cut their target price 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. Stifel Nicolaus boosted their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. TD Cowen raised their price objective on Microchip Technology from $80.00 to $90.00 and gave the company a hold rating in a research report on Tuesday. Finally, Rosenblatt Securities reissued a buy rating and set a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $98.47.

Microchip Technology Trading Down 1.8 %

Shares of NASDAQ:MCHP opened at $92.06 on Tuesday. The stock has a market capitalization of $49.75 billion, a PE ratio of 21.51, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. The company’s 50-day moving average price is $88.45 and its two-hundred day moving average price is $85.37. 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 has a one year low of $68.75 and a one year high of $96.14.

Microchip Technology (NASDAQ:MCHP) last issued 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. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s quarterly revenue was down 40.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.56 earnings per share. On average, equities analysts forecast that Microchip Technology will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be paid a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date is Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

A number of large investors have recently bought and sold shares of the company. Inspire Investing LLC lifted its stake in Microchip Technology by 14.0% during the first quarter. Inspire Investing LLC now owns 64,491 shares of the semiconductor company’s stock worth $5,785,000 after purchasing an additional 7,903 shares during the last quarter. Donoghue Forlines LLC lifted its position in shares of Microchip Technology by 13.3% during the 1st quarter. Donoghue Forlines LLC now owns 12,934 shares of the semiconductor company’s stock worth $1,160,000 after buying an additional 1,521 shares during the last quarter. Meeder Advisory Services Inc. lifted its position in shares of Microchip Technology by 3.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 9,989 shares of the semiconductor company’s stock worth $896,000 after buying an additional 290 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Microchip Technology by 33.7% in the first quarter. Meeder Asset Management Inc. now owns 86,518 shares of the semiconductor company’s stock valued at $7,762,000 after buying an additional 21,785 shares in the last quarter. Finally, NorthRock Partners LLC grew its position in Microchip Technology by 53.7% in the first quarter. NorthRock Partners LLC now owns 8,753 shares of the semiconductor company’s stock valued at $785,000 after acquiring an additional 3,059 shares during the last quarter. 91.51% of the stock is currently 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.