Microchip Technology (NASDAQ:MCHP) Price Target Raised to $66.00 at Needham & Company LLC

Microchip Technology (NASDAQ:MCHP) had its price objective raised by Needham & Company LLC from $60.00 to $66.00 in a research report report published on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other brokerages have also recently commented on MCHP. Raymond James reaffirmed a “strong-buy” rating and set a $60.00 target price (down from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Piper Sandler restated an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Jefferies Financial Group decreased their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, Mizuho decreased their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Microchip Technology Stock Up 0.3 %

Shares of MCHP stock opened at $58.14 on Tuesday. Microchip Technology has a 12 month low of $50.21 and a 12 month high of $100.57. The stock has a market cap of $31.27 billion, a P/E ratio of 103.82 and a beta of 1.50. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company has a 50 day simple moving average of $56.93 and a two-hundred day simple moving average of $67.04.

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

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.13%. Microchip Technology’s payout ratio is currently 325.00%.

Insiders Place Their Bets

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 completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Large investors have recently made changes to their positions in the company. Mainstream Capital Management LLC purchased a new position in shares of Microchip Technology during the 4th quarter worth about $26,000. Rakuten Securities Inc. boosted its stake in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Microchip Technology during the 3rd quarter worth about $29,000. OFI Invest Asset Management purchased a new position in shares of Microchip Technology during the 4th quarter worth about $29,000. Finally, Financial Life Planners purchased a new position in shares of Microchip Technology during the 4th quarter worth about $32,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Company Profile

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.