Microchip Technology (NASDAQ:MCHP) Price Target Raised to $110.00

Microchip Technology (NASDAQ:MCHP) had its price objective hoisted by research analysts at B. Riley from $105.00 to $110.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. B. Riley’s price objective points to a potential upside of 19.58% from the stock’s previous close.

MCHP has been the subject of several other research reports. Needham & Company LLC lifted their price objective on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group upped their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday. Stifel Nicolaus raised their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Susquehanna upped their price objective on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a research note on Tuesday. Finally, Piper Sandler reiterated a “neutral” rating and set a $90.00 target price (up from $80.00) on shares of Microchip Technology in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $98.47.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $91.99 on Tuesday. The firm’s 50-day moving average price is $88.45 and its 200-day moving average price is $85.37. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $96.14. The company has a market cap of $49.71 billion, a PE ratio of 21.49, a PEG ratio of 2.79 and a beta of 1.60. 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 (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the prior year, the firm earned $1.56 earnings per share. The firm’s revenue for the quarter was down 40.6% compared to the same quarter last year. As a group, analysts anticipate that Microchip Technology will post 4.64 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Microchip Technology

Institutional investors have recently made changes to their positions in the company. BKM Wealth Management LLC bought a new position in Microchip Technology during the 4th quarter worth about $27,000. Rakuten Securities Inc. bought a new position in shares of Microchip Technology during the fourth quarter valued at approximately $27,000. Rise Advisors LLC purchased a new position in Microchip Technology during the first quarter valued at approximately $28,000. Fortitude Family Office LLC bought a new position in Microchip Technology in the fourth quarter worth approximately $29,000. Finally, OFI Invest Asset Management purchased a new stake in Microchip Technology during the third quarter worth $26,000. Hedge funds and other 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.