Microchip Technology (NASDAQ:MCHP) had its price target dropped by equities research analysts at Jefferies Financial Group from $115.00 to $102.00 in a research note issued on Thursday. The firm currently has a “buy” rating on the semiconductor company’s stock. Jefferies Financial Group’s target price suggests a potential upside of 41.41% from the company’s current price.
Several other research analysts have also weighed in on the company. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $115.00 to $95.00 in a research report on Monday, September 17th. Morgan Stanley lowered their price objective on Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 3rd. ValuEngine lowered Microchip Technology from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 18th. Raymond James lowered Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 price objective for the company. in a research report on Tuesday, September 25th. Finally, Cfra reissued a “buy” rating and issued a $110.00 price objective on shares of Microchip Technology in a research report on Wednesday, September 19th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $105.11.
Shares of NASDAQ:MCHP opened at $72.13 on Thursday. Microchip Technology has a 12-month low of $60.70 and a 12-month high of $104.20. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80. The firm has a market cap of $16.56 billion, a P/E ratio of 13.90, a P/E/G ratio of 0.77 and a beta of 1.24.
In other news, COO Ganesh Moorthy bought 12,000 shares of Microchip Technology stock in a transaction dated Tuesday, August 14th. The stock was bought at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 1,887 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $159,130.71. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of MCHP. Truvestments Capital LLC acquired a new position in Microchip Technology during the 3rd quarter valued at about $116,000. Psagot Investment House Ltd. acquired a new position in Microchip Technology during the 2nd quarter valued at about $125,000. Canada Pension Plan Investment Board boosted its stake in Microchip Technology by 14,030.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after purchasing an additional 1,403 shares during the last quarter. Spirit of America Management Corp NY boosted its stake in Microchip Technology by 95.2% during the 3rd quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock valued at $162,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Prospera Financial Services Inc acquired a new position in Microchip Technology during the 2nd quarter valued at about $200,000.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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