Microchip Technology Incorporated (NASDAQ:MCHP) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Microchip Technology Incorporated (NASDAQ:MCHP) have earned an average recommendation of “Moderate Buy” from the nineteen analysts that are covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and fourteen have issued a buy recommendation on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $97.89.

Several equities analysts have recently issued reports on MCHP shares. JPMorgan Chase & Co. lowered their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. B. Riley cut their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Mizuho set a $95.00 target price on Microchip Technology in a research report on Friday, October 18th. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Finally, Citigroup decreased their price target 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.

Insider Transactions at Microchip Technology

In related 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Hedge funds have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC increased its stake in shares of Microchip Technology by 5.7% during the 3rd quarter. Venturi Wealth Management LLC now owns 8,190 shares of the semiconductor company’s stock worth $658,000 after purchasing an additional 442 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Microchip Technology by 5.3% in the third quarter. Crossmark Global Holdings Inc. now owns 331,752 shares of the semiconductor company’s stock worth $26,636,000 after purchasing an additional 16,649 shares in the last quarter. Westchester Capital Management Inc. increased its position in Microchip Technology by 2.1% during the third quarter. Westchester Capital Management Inc. now owns 194,952 shares of the semiconductor company’s stock worth $15,653,000 after buying an additional 4,029 shares during the last quarter. Verdence Capital Advisors LLC acquired a new position in Microchip Technology during the third quarter worth $449,000. Finally, Beta Wealth Group Inc. raised its holdings in Microchip Technology by 12.7% during the third quarter. Beta Wealth Group Inc. now owns 7,115 shares of the semiconductor company’s stock valued at $571,000 after buying an additional 804 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.5 %

Shares of MCHP stock opened at $74.47 on Tuesday. The stock has a 50-day simple moving average of $77.28 and a 200 day simple moving average of $85.25. The stock has a market capitalization of $39.95 billion, a P/E ratio of 29.79 and a beta of 1.53. Microchip Technology has a fifty-two week low of $71.76 and a fifty-two week high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96.

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.