Microchip Technology (NASDAQ:MCHP) Price Target Raised to $104.00

Microchip Technology (NASDAQ:MCHP) had its price objective upped by equities researchers at Citigroup from $100.00 to $104.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s target price indicates a potential upside of 12.32% from the stock’s current price.

A number of other equities analysts also recently commented on the stock. TD Cowen increased their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. Stifel Nicolaus increased their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Mizuho increased their price objective on shares of Microchip Technology from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Tuesday. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Thursday, January 18th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $98.47.

Microchip Technology Trading Down 1.2 %

Shares of MCHP traded down $1.17 during trading hours on Tuesday, reaching $92.59. The stock had a trading volume of 3,866,170 shares, compared to its average volume of 5,602,641. The firm has a 50-day moving average of $88.27 and a 200 day moving average of $85.25. The company has a market cap of $50.04 billion, a P/E ratio of 21.66, a P/E/G ratio of 2.79 and a beta of 1.60. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology has a 52 week low of $68.75 and a 52 week high of $96.14.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations 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 was down 40.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.56 EPS. On average, sell-side analysts expect that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Microchip Technology 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 completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. OFI Invest Asset Management bought a new position in shares of Microchip Technology during the third quarter worth approximately $26,000. BKM Wealth Management LLC bought a new position in shares of Microchip Technology during the fourth quarter worth approximately $27,000. Rakuten Securities Inc. bought a new position in shares of Microchip Technology during the fourth quarter worth approximately $27,000. Rise Advisors LLC bought a new position in Microchip Technology in the first quarter valued at approximately $28,000. Finally, Fortitude Family Office LLC bought a new position in Microchip Technology in the fourth quarter valued at approximately $29,000. 91.51% of the stock is owned by institutional investors.

About Microchip Technology

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.