Microchip Technology (NASDAQ:MCHP) PT Lowered to $95.00

Microchip Technology (NASDAQ:MCHP) had its price target cut by investment analysts at Susquehanna from $105.00 to $95.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s price objective suggests a potential upside of 25.94% from the stock’s previous close.

MCHP has been the topic of a number of other research reports. B. Riley cut their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC cut their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and dropped their price target for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, Citigroup reduced their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $97.89.

Microchip Technology Trading Up 0.3 %

Shares of NASDAQ MCHP opened at $75.43 on Monday. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $100.57. The stock has a market cap of $40.47 billion, a price-to-earnings ratio of 21.74 and a beta of 1.52. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company’s fifty day moving average is $78.19 and its 200-day moving average is $85.98.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the company posted $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% on a year-over-year basis. Equities research analysts predict that Microchip Technology will post 1.73 EPS for the current year.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % 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 hyperlink. Insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Swedbank AB acquired a new position in Microchip Technology in the 1st quarter valued at $1,079,000. SageView Advisory Group LLC raised its stake in Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares in the last quarter. Hennessy Advisors Inc. lifted its position in Microchip Technology by 2,194.5% during the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after purchasing an additional 31,996 shares during the period. Janney Montgomery Scott LLC grew its stake in Microchip Technology by 6.3% during the first quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock worth $20,242,000 after buying an additional 13,304 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new position in Microchip Technology in the 2nd quarter valued at about $42,538,000. 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.