Stifel Nicolaus Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $87.00

Microchip Technology (NASDAQ:MCHP) had its target price lowered by equities research analysts at Stifel Nicolaus from $90.00 to $87.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ target price indicates a potential upside of 41.14% from the stock’s previous close.

A number of other brokerages also recently commented on MCHP. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a research report on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Piper Sandler lowered their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Finally, Citigroup lowered their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $61.64 on Tuesday. Microchip Technology has a fifty-two week low of $61.07 and a fifty-two week high of $100.57. The stock has a market cap of $33.10 billion, a price-to-earnings ratio of 43.11 and a beta of 1.50. The business has a fifty day moving average of $73.04 and a 200-day moving average of $81.73. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm posted $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, analysts predict that Microchip Technology will post 1.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology in the third quarter worth about $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology in the third quarter worth about $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the third quarter worth about $34,000. Wolff Wiese Magana LLC lifted its stake in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC lifted its stake in shares of Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.