Microchip Technology (NASDAQ:MCHP) PT Raised to $98.00 at Stifel Nicolaus

Microchip Technology (NASDAQ:MCHP) had its target price upped by analysts at Stifel Nicolaus from $94.00 to $98.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ target price suggests a potential upside of 19.98% from the company’s current price.

Other analysts also recently issued research reports about the stock. The Goldman Sachs Group lowered their price objective on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research report on Friday, February 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a research report on Thursday, January 4th. Needham & Company LLC increased their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 2nd. Finally, Truist Financial lowered their price objective on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $92.50.

Microchip Technology Stock Down 3.0 %

Shares of NASDAQ:MCHP opened at $81.68 on Thursday. The stock has a 50-day simple moving average of $86.50 and a 200-day simple moving average of $84.27. The stock has a market capitalization of $44.14 billion, a P/E ratio of 19.08, a PEG ratio of 2.60 and a beta of 1.65. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $94.30. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company’s revenue was down 18.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 EPS. Equities analysts forecast that Microchip Technology will post 4.64 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Several large investors have recently added to or reduced their stakes in MCHP. Vanguard Group Inc. lifted its stake in Microchip Technology by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 66,662,226 shares of the semiconductor company’s stock valued at $6,011,600,000 after buying an additional 408,835 shares during the last quarter. Geode Capital Management LLC lifted its stake in Microchip Technology by 1.9% in the first quarter. Geode Capital Management LLC now owns 11,714,851 shares of the semiconductor company’s stock valued at $979,918,000 after buying an additional 217,223 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Microchip Technology by 0.9% in the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after buying an additional 87,203 shares during the last quarter. Northern Trust Corp lifted its stake in Microchip Technology by 1.7% in the first quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock valued at $567,576,000 after buying an additional 123,806 shares during the last quarter. Finally, Norges Bank bought a new stake in Microchip Technology in the fourth quarter valued at $672,196,000. 91.51% of the stock is currently owned by institutional investors.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.