TD Cowen Raises Microchip Technology (NASDAQ:MCHP) Price Target to $60.00

Microchip Technology (NASDAQ:MCHP) had its price target increased by TD Cowen from $50.00 to $60.00 in a research report issued on Tuesday, Marketbeat reports. The brokerage currently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s price objective indicates a potential upside of 0.60% from the company’s previous close.

Other research analysts also recently issued research reports about the company. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Morgan Stanley cut their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Piper Sandler reissued an “overweight” rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Jefferies Financial Group dropped their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Mizuho boosted their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $74.37.

Microchip Technology Stock Up 2.6 %

Microchip Technology stock opened at $59.64 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $32.08 billion, a PE ratio of 106.50 and a beta of 1.52. The firm’s fifty day moving average is $56.95 and its 200 day moving average is $66.99. Microchip Technology has a 12-month low of $50.21 and a 12-month high of $100.57.

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

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on 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 approximately $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Institutional investors have recently made changes to their positions in the stock. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth $29,000. Peterson Financial Group Inc. purchased a new position in Microchip Technology during the 3rd quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in Microchip Technology during the third quarter worth about $34,000. Mainstream Capital Management LLC purchased a new stake in shares of Microchip Technology in the fourth quarter valued at about $26,000. Finally, Rakuten Securities Inc. grew its position in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other 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.