Needham & Company LLC Forecasts Strong Price Appreciation for Microchip Technology (NASDAQ:MCHP) Stock

Microchip Technology (NASDAQ:MCHP) had its price target lifted by stock analysts at Needham & Company LLC from $60.00 to $66.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price target indicates a potential upside of 10.66% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Jefferies Financial Group reduced their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Mizuho decreased their target price on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Susquehanna cut their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. TD Cowen reduced their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Trading Up 2.6 %

Shares of MCHP stock opened at $59.64 on Tuesday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The stock has a fifty day simple moving average of $56.95 and a two-hundred day simple moving average of $66.99. The firm has a market capitalization of $32.08 billion, a PE ratio of 106.50 and a beta of 1.52. Microchip Technology has a 52-week low of $50.21 and a 52-week high of $100.57.

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

Insider Activity at Microchip Technology

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

Institutional Investors Weigh In On Microchip Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Mainstream Capital Management LLC purchased a new position in shares of Microchip Technology during the fourth quarter valued at $26,000. Rakuten Securities Inc. raised its holdings in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of Microchip Technology during the third quarter valued at approximately $29,000. OFI Invest Asset Management purchased a new position in Microchip Technology during the fourth quarter valued at approximately $29,000. Finally, Financial Life Planners bought a new position in Microchip Technology in the fourth quarter worth approximately $32,000. 91.51% of the stock is owned by institutional investors.

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.