Needham & Company LLC Raises Microchip Technology (NASDAQ:MCHP) Price Target to $92.00

Microchip Technology (NASDAQ:MCHPGet Rating) had its price objective hoisted by Needham & Company LLC from $75.00 to $92.00 in a research report report published on Wednesday morning, The Fly reports. They currently have a buy rating on the semiconductor company’s stock.

Several other research analysts have also commented on the company. B. Riley cut their price objective on Microchip Technology from $85.00 to $78.00 and set a buy rating for the company in a report on Wednesday, June 15th. StockNews.com upgraded Microchip Technology from a hold rating to a buy rating in a research report on Tuesday, May 17th. Truist Financial dropped their target price on Microchip Technology from $94.00 to $79.00 and set a buy rating for the company in a research report on Friday, April 8th. Stifel Nicolaus upgraded Microchip Technology from a hold rating to a buy rating and boosted their target price for the stock from $70.00 to $75.00 in a research report on Tuesday, June 28th. Finally, Citigroup dropped their target price on Microchip Technology from $78.00 to $72.00 in a research report on Tuesday, May 10th. Four analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology has an average rating of Moderate Buy and a consensus price target of $89.73.

Microchip Technology Stock Down 1.8 %

MCHP stock opened at $71.46 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.78 and a debt-to-equity ratio of 1.27. The firm has a market capitalization of $39.48 billion, a PE ratio of 26.27, a PEG ratio of 0.96 and a beta of 1.62. Microchip Technology has a twelve month low of $54.33 and a twelve month high of $90.00. The stock has a 50-day simple moving average of $63.66 and a two-hundred day simple moving average of $68.36.

Microchip Technology (NASDAQ:MCHPGet Rating) last posted its earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.10. Microchip Technology had a return on equity of 44.90% and a net margin of 21.34%. During the same quarter last year, the firm posted $0.88 earnings per share. On average, equities analysts predict that Microchip Technology will post 5.19 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Friday, August 19th will be paid a $0.301 dividend. This represents a $1.20 annualized dividend and a yield of 1.68%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.28. The ex-dividend date is Thursday, August 18th. Microchip Technology’s dividend payout ratio is presently 40.44%.

Insider Buying and Selling

In other news, CEO Ganesh Moorthy purchased 8,000 shares of Microchip Technology stock in a transaction that occurred on Friday, June 17th. The shares were bought at an average cost of $57.29 per share, with a total value of $458,320.00. Following the completion of the purchase, the chief executive officer now directly owns 720,313 shares in the company, valued at $41,266,731.77. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO James Eric Bjornholt sold 2,326 shares of the stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $66.66, for a total value of $155,051.16. Following the sale, the chief financial officer now directly owns 34,207 shares of the company’s stock, valued at $2,280,238.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ganesh Moorthy bought 8,000 shares of the business’s stock in a transaction dated Friday, June 17th. The stock was bought at an average cost of $57.29 per share, for a total transaction of $458,320.00. Following the completion of the purchase, the chief executive officer now owns 720,313 shares of the company’s stock, valued at approximately $41,266,731.77. The disclosure for this purchase can be found here. Insiders have sold a total of 9,564 shares of company stock valued at $637,217 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Microchip Technology by 1.1% during the first quarter. Vanguard Group Inc. now owns 64,426,179 shares of the semiconductor company’s stock valued at $4,840,982,000 after purchasing an additional 691,754 shares in the last quarter. Dodge & Cox lifted its holdings in shares of Microchip Technology by 87.3% during the fourth quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock valued at $2,571,680,000 after purchasing an additional 13,768,272 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Microchip Technology by 1.9% in the first quarter. Principal Financial Group Inc. now owns 10,818,661 shares of the semiconductor company’s stock valued at $812,914,000 after acquiring an additional 200,602 shares during the period. Geode Capital Management LLC lifted its holdings in Microchip Technology by 107.9% in the fourth quarter. Geode Capital Management LLC now owns 10,352,013 shares of the semiconductor company’s stock valued at $898,949,000 after acquiring an additional 5,373,594 shares during the period. Finally, Northern Trust Corp lifted its holdings in Microchip Technology by 1.7% in the first quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after acquiring an additional 123,806 shares during the period. 89.36% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Company Profile

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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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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