Microchip Technology (NASDAQ:MCHP) Price Target Increased to $90.00 by Analysts at TD Cowen

Microchip Technology (NASDAQ:MCHP) had its price target raised by TD Cowen from $80.00 to $90.00 in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s target price indicates a potential downside of 2.16% from the stock’s current price.

A number of other brokerages have also issued reports on MCHP. UBS Group reduced their target price on 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 decreased their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a report on Thursday, January 18th. Stifel Nicolaus upped their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Finally, Needham & Company LLC raised their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Six equities 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Stock Performance

Shares of MCHP opened at $91.99 on Tuesday. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $96.14. The stock has a fifty day moving average price of $88.45 and a 200-day moving average price of $85.37. 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 firm has a market cap of $49.71 billion, a PE ratio of 21.49, a P/E/G ratio of 2.79 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate 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 last year, the company earned $1.56 earnings per share. Equities research analysts predict that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Microchip Technology

A number of hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in Microchip Technology by 0.9% in the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after purchasing an additional 87,203 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Microchip Technology by 1.1% during the 3rd quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after buying an additional 80,431 shares during the last quarter. Norges Bank purchased a new stake in shares of Microchip Technology during the 4th quarter valued at approximately $672,196,000. Van ECK Associates Corp lifted its holdings in Microchip Technology by 17.2% in the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after acquiring an additional 891,297 shares during the last quarter. Finally, Mizuho Markets Americas LLC purchased a new position in Microchip Technology in the third quarter worth approximately $225,800,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.