Microchip Technology (NASDAQ:MCHP) Now Covered by Jefferies Financial Group

Analysts at Jefferies Financial Group began coverage on shares of Microchip Technology (NASDAQ:MCHPGet Free Report) in a report released on Monday, MarketBeat reports. The firm set a “buy” rating and a $115.00 price target on the semiconductor company’s stock. Jefferies Financial Group’s price target points to a potential upside of 22.52% from the company’s current price.

MCHP has been the subject of several other reports. Citigroup lifted their price target on shares of Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. Piper Sandler reiterated a “neutral” rating and issued a $90.00 price objective (up from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. UBS Group lifted their price objective on shares of Microchip Technology from $95.00 to $103.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Susquehanna lifted their price objective on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research report on Tuesday, May 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.39.

Read Our Latest Research Report on MCHP

Microchip Technology Price Performance

Shares of MCHP stock opened at $93.86 on Monday. Microchip Technology has a 1-year low of $68.75 and a 1-year high of $96.14. The firm has a fifty day moving average of $89.00 and a two-hundred day moving average of $85.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The firm has a market cap of $50.72 billion, a P/E ratio of 27.05, a P/E/G ratio of 3.03 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHPGet Free Report) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the business posted $1.56 EPS. The company’s quarterly revenue was down 40.6% on a year-over-year basis. As a group, research analysts anticipate that Microchip Technology will post 2.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred 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 completion of the sale, 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. Insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. OFI Invest Asset Management purchased a new position in shares of Microchip Technology in the third quarter worth approximately $26,000. BKM Wealth Management LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth approximately $27,000. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology in the fourth quarter worth approximately $27,000. Rise Advisors LLC purchased a new position in shares of Microchip Technology in the first quarter worth approximately $28,000. Finally, Fortitude Family Office LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth approximately $29,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

About Microchip Technology

(Get Free Report)

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.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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