Microchip Technology (NASDAQ:MCHP) PT Raised to $88.00

Microchip Technology (NASDAQ:MCHP) had its price target boosted by equities researchers at The Goldman Sachs Group from $77.00 to $88.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price target points to a potential downside of 4.34% from the company’s previous close.

Other research analysts also recently issued reports about the company. Mizuho boosted their target price on Microchip Technology from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Tuesday. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday. Evercore ISI started coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price for the company. Stifel Nicolaus lifted their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, Truist Financial increased their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Tuesday. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Price Performance

MCHP opened at $91.99 on Tuesday. The stock has a market cap of $49.71 billion, a P/E ratio of 21.49, a PEG ratio of 2.79 and a beta of 1.60. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $96.14. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The business has a fifty day moving average of $88.45 and a 200 day moving average of $85.37.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm’s quarterly revenue was down 40.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.56 EPS. As a group, sell-side analysts anticipate that Microchip Technology will post 4.64 EPS for the current year.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

A number of large investors have recently made changes to their positions in the stock. BKM Wealth Management LLC acquired a new position in Microchip Technology during the fourth quarter worth $27,000. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology during the 4th quarter worth $27,000. Rise Advisors LLC acquired a new position in shares of Microchip Technology during the 1st quarter valued at about $28,000. Fortitude Family Office LLC purchased a new stake in shares of Microchip Technology in the fourth quarter valued at about $29,000. Finally, OFI Invest Asset Management purchased a new stake in shares of Microchip Technology in the third quarter valued at about $26,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Company Profile

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.