Stifel Nicolaus Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $60.00

Microchip Technology (NASDAQ:MCHP) had its price target lowered by equities researchers at Stifel Nicolaus from $80.00 to $60.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 57.75% from the company’s previous close.

A number of other research analysts have also weighed in on the company. B. Riley restated a “buy” rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Citigroup dropped their price objective on Microchip Technology from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, Raymond James reissued a “strong-buy” rating and issued a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $71.26.

Microchip Technology Stock Performance

MCHP opened at $38.04 on Thursday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The company has a market capitalization of $20.46 billion, a PE ratio of 68.03 and a beta of 1.51. Microchip Technology has a 1 year low of $34.13 and a 1 year high of $100.57. The business has a fifty day simple moving average of $51.27 and a 200 day simple moving average of $60.30.

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

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value 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. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of large investors have recently added to or reduced their stakes in the stock. Byrne Asset Management LLC acquired a new position in Microchip Technology in the 1st quarter valued at $41,000. Wealth Enhancement Advisory Services LLC raised its holdings in Microchip Technology by 24.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 403,829 shares of the semiconductor company’s stock valued at $19,549,000 after acquiring an additional 80,125 shares during the last quarter. Azzad Asset Management Inc. ADV purchased a new position in Microchip Technology in the 1st quarter worth approximately $234,000. Everhart Financial Group Inc. purchased a new stake in shares of Microchip Technology in the first quarter valued at approximately $221,000. Finally, Fort Washington Investment Advisors Inc. OH grew its holdings in Microchip Technology by 4.2% in the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 617,675 shares of the semiconductor company’s stock valued at $29,902,000 after buying an additional 24,628 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.