Microchip Technology (NASDAQ:MCHP) Price Target Raised to $68.00

Microchip Technology (NASDAQ:MCHP) had its target price raised by Mizuho from $58.00 to $68.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Mizuho’s price target suggests a potential upside of 17.34% from the company’s current price.

A number of other research firms have also recently commented on MCHP. Piper Sandler reissued an “overweight” rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. B. Riley reissued a “buy” rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Stifel Nicolaus dropped their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Finally, Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $76.16.

Microchip Technology Stock Down 1.5 %

Shares of NASDAQ:MCHP opened at $57.95 on Tuesday. The company has a market cap of $31.17 billion, a price-to-earnings ratio of 103.48 and a beta of 1.50. Microchip Technology has a one year low of $50.21 and a one year high of $100.57. The firm has a fifty day moving average price of $56.94 and a two-hundred day moving average price of $67.20. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Analysts anticipate that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Microchip Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mainstream Capital Management LLC purchased a new position in Microchip Technology during the fourth quarter valued at $26,000. Rakuten Securities Inc. raised its position in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares during the last quarter. Prospera Private Wealth LLC bought a new position in Microchip Technology in the 3rd quarter worth about $29,000. OFI Invest Asset Management purchased a new stake in Microchip Technology during the 4th quarter valued at about $29,000. Finally, Financial Life Planners bought a new stake in Microchip Technology during the 4th quarter valued at about $32,000. 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.