Evercore ISI Raises Microchip Technology (NASDAQ:MCHP) Price Target to $71.00

Microchip Technology (NASDAQ:MCHP) had its target price upped by investment analysts at Evercore ISI from $65.00 to $71.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the semiconductor company’s stock. Evercore ISI’s price objective points to a potential upside of 19.05% from the stock’s previous close.

MCHP has been the subject of a number of other reports. Mizuho raised their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday. KeyCorp lowered their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. TD Cowen raised their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a report on Tuesday. B. Riley reaffirmed a “buy” rating and set a $75.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Stock Up 2.6 %

MCHP stock opened at $59.64 on Tuesday. The company’s 50 day simple moving average is $56.95 and its 200-day simple moving average is $66.99. The firm has a market capitalization of $32.08 billion, a PE ratio of 106.50 and a beta of 1.50. Microchip Technology has a 12 month low of $50.21 and a 12 month high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities analysts expect that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MCHP. Janney Montgomery Scott LLC boosted its stake in Microchip Technology by 1.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 94,647 shares of the semiconductor company’s stock valued at $7,599,000 after purchasing an additional 1,138 shares during the period. Asset Management One Co. Ltd. boosted its stake in Microchip Technology by 2.6% during the 3rd quarter. Asset Management One Co. Ltd. now owns 206,360 shares of the semiconductor company’s stock valued at $16,569,000 after purchasing an additional 5,152 shares during the period. Catalyst Capital Advisors LLC boosted its stake in Microchip Technology by 48.5% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 768 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 251 shares during the period. Sentry Investment Management LLC acquired a new position in Microchip Technology during the 3rd quarter valued at about $208,000. Finally, Fiduciary Family Office LLC boosted its stake in Microchip Technology by 17.9% during the 3rd quarter. Fiduciary Family Office LLC now owns 10,810 shares of the semiconductor company’s stock valued at $868,000 after purchasing an additional 1,641 shares during the period. 91.51% of the stock is 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.