Microchip Technology (NASDAQ:MCHP) PT Raised to $85.00

Microchip Technology (NASDAQ:MCHP) had its price objective upped by Mizuho from $82.00 to $85.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the semiconductor company’s stock. Mizuho’s target price would indicate a potential downside of 7.60% from the stock’s previous close.

A number of other analysts have also issued reports on the company. Truist Financial lowered their price target on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. TD Cowen raised their price target on Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday. UBS Group lowered their price objective 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 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, Evercore ISI began coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective on the stock. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.47.

Microchip Technology Stock Performance

Microchip Technology stock opened at $91.99 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The firm has a market capitalization 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 has a 1-year low of $68.75 and a 1-year high of $96.14. The company’s 50-day moving average is $88.45 and its 200 day moving average is $85.37.

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 firm had revenue of $1.33 billion for 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 revenue for the quarter was down 40.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.56 earnings per share. Research analysts forecast that Microchip Technology will post 4.64 EPS for the current year.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s 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 transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MCHP. State Board of Administration of Florida Retirement System grew its holdings in shares of Microchip Technology by 2.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 575,830 shares of the semiconductor company’s stock worth $48,243,000 after buying an additional 12,370 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Microchip Technology by 7.3% in the 1st quarter. TD Asset Management Inc now owns 1,889,205 shares of the semiconductor company’s stock valued at $169,481,000 after purchasing an additional 128,161 shares during the last quarter. Pettyjohn Wood & White Inc. increased its holdings in shares of Microchip Technology by 8.5% in the first quarter. Pettyjohn Wood & White Inc. now owns 2,859 shares of the semiconductor company’s stock valued at $256,000 after purchasing an additional 225 shares during the period. Entropy Technologies LP raised its stake in shares of Microchip Technology by 144.8% during the first quarter. Entropy Technologies LP now owns 63,749 shares of the semiconductor company’s stock worth $5,719,000 after purchasing an additional 37,713 shares during the last quarter. Finally, Camarda Financial Advisors LLC boosted its holdings in shares of Microchip Technology by 2.6% in the first quarter. Camarda Financial Advisors LLC now owns 20,052 shares of the semiconductor company’s stock valued at $1,799,000 after acquiring an additional 512 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.