Microchip Technology (NASDAQ:MCHP) Stock Price Expected to Rise, Citigroup Analyst Says

Microchip Technology (NASDAQ:MCHP) had its target price upped by investment analysts at Citigroup from $55.00 to $68.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price target points to a potential downside of 2.28% from the company’s current price.

MCHP has been the topic of a number of other reports. Needham & Company LLC reiterated a “buy” rating and issued a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Morgan Stanley lifted their price target on Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. Rosenblatt Securities lifted their price target on shares of Microchip Technology from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 30th. TD Cowen raised their price objective on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, May 9th. Finally, Wall Street Zen downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Saturday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.37.

Microchip Technology Trading Up 2.3%

Shares of MCHP opened at $69.59 on Monday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology has a 52-week low of $34.13 and a 52-week high of $96.98. The firm has a market cap of $37.54 billion, a price-to-earnings ratio of 124.27 and a beta of 1.48. The business’s fifty day moving average is $50.90 and its 200-day moving average is $54.92.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm’s revenue was down 26.8% compared to the same quarter last year. During the same period last year, the company earned $0.57 EPS. Equities analysts anticipate that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director now directly owns 3,468 shares of the company’s stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now owns 34,313 shares of the company’s stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Consolidated Planning Corp purchased a new position in Microchip Technology during the fourth quarter valued at $308,000. one8zero8 LLC purchased a new position in Microchip Technology during the 4th quarter valued at about $384,000. Truist Financial Corp boosted its stake in Microchip Technology by 5.8% during the fourth quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock worth $55,024,000 after acquiring an additional 52,222 shares in the last quarter. Vanguard Group Inc. boosted its stake in Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after acquiring an additional 569,699 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in Microchip Technology by 90.0% in the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the period. Institutional investors own 91.51% of the company’s stock.

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.