Microchip Technology (NASDAQ:MCHP) Stock Price Target Cut by JPMorgan Chase & Co.

Microchip Technology (NASDAQ:MCHP) had its target price dropped by equities research analysts at JPMorgan Chase & Co. from $120.00 to $100.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 71.38% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Truist Financial lowered their target price on shares of Microchip Technology from $90.00 to $62.00 and set a “hold” rating for the company in a report on Friday. KeyCorp cut their price target on shares of Microchip Technology from $135.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday. Wall Street Zen downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Susquehanna decreased their price objective on shares of Microchip Technology from $120.00 to $100.00 and set a “positive” rating for the company in a research note on Friday. Finally, Citigroup dropped their target price on shares of Microchip Technology from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $90.73.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $58.35 on Friday. The company has a market capitalization of $31.68 billion, a P/E ratio of 44.20, a price-to-earnings-growth ratio of 0.40 and a beta of 1.84. The stock has a fifty day simple moving average of $74.85 and a 200 day simple moving average of $79.41. Microchip Technology has a 12-month low of $48.52 and a 12-month high of $105.91. The company has a current ratio of 2.24, a quick ratio of 1.33 and a debt-to-equity ratio of 0.83.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, November 5th. The semiconductor company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.03. Microchip Technology had a return on equity of 20.32% and a net margin of 14.96%. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same period last year, the business earned $0.35 EPS. The business’s revenue was up 42.2% on a year-over-year basis. On average, sell-side analysts anticipate that Microchip Technology will post 3.20 earnings per share for the current fiscal year.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Bjornholt sold 4,112 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total transaction of $309,715.84. Following the completion of the transaction, the chief financial officer owned 28,573 shares in the company, valued at approximately $2,152,118.36. This represents a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.79% of the company’s stock.

Institutional Trading of Microchip Technology

Hedge funds have recently added to or reduced their stakes in the stock. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Microchip Technology during the 2nd quarter worth approximately $537,423,000. Legal & General Group Plc purchased a new position in Microchip Technology in the second quarter valued at approximately $312,597,000. Aberdeen Group plc lifted its stake in Microchip Technology by 403.4% in the third quarter. Aberdeen Group plc now owns 2,316,355 shares of the semiconductor company’s stock valued at $180,143,000 after purchasing an additional 1,856,181 shares during the last quarter. Van ECK Associates Corp lifted its stake in Microchip Technology by 18.3% in the second quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company’s stock valued at $750,102,000 after purchasing an additional 1,272,838 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Microchip Technology during the third quarter valued at $94,304,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile