Citigroup Issues Positive Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its target price boosted by analysts at Citigroup from $50.00 to $55.00 in a research report issued on Friday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price target suggests a potential downside of 0.60% from the company’s previous close.

Several other research analysts have also recently weighed in on MCHP. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 4th. Piper Sandler reiterated an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Evercore ISI increased their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Finally, UBS Group lifted their price target on shares of Microchip Technology from $55.00 to $60.00 and gave the company a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $67.42.

Microchip Technology Stock Performance

Shares of MCHP opened at $55.33 on Friday. The firm has a market capitalization of $29.76 billion, a P/E ratio of 98.80 and a beta of 1.42. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology has a one year low of $34.13 and a one year high of $100.57. The business has a fifty day moving average of $47.06 and a 200 day moving average of $56.44.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same period in the previous year, the company posted $0.57 EPS. The business’s quarterly revenue was down 26.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Microchip Technology will post 1.03 EPS for the current year.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gagnon Securities LLC increased its holdings in Microchip Technology by 20.9% during the 1st quarter. Gagnon Securities LLC now owns 22,798 shares of the semiconductor company’s stock worth $1,104,000 after purchasing an additional 3,941 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Microchip Technology by 3.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,266,402 shares of the semiconductor company’s stock worth $158,127,000 after buying an additional 122,633 shares in the last quarter. Coign Capital Advisors LLC increased its stake in shares of Microchip Technology by 4.4% during the first quarter. Coign Capital Advisors LLC now owns 9,687 shares of the semiconductor company’s stock worth $469,000 after buying an additional 407 shares during the period. ASR Vermogensbeheer N.V. acquired a new stake in Microchip Technology in the first quarter valued at approximately $1,662,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in Microchip Technology in the first quarter worth approximately $119,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.