B. Riley Trims Microchip Technology (NASDAQ:MCHP) Target Price to $103.00

Microchip Technology (NASDAQ:MCHP) had its price target decreased by analysts at B. Riley from $110.00 to $103.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. B. Riley’s target price would indicate a potential upside of 31.61% from the company’s previous close.

A number of other brokerages have also recently weighed in on MCHP. JPMorgan Chase & Co. dropped their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday. Truist Financial cut their price target on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Friday. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $110.00 to $90.00 in a research report on Friday. Citigroup reduced their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday. Finally, Evercore ISI assumed coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $99.15.

Microchip Technology Trading Down 7.2 %

MCHP traded down $6.11 on Friday, hitting $78.26. The company had a trading volume of 8,275,604 shares, compared to its average volume of 5,883,582. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The firm has a market cap of $41.99 billion, a P/E ratio of 22.55 and a beta of 1.54. The company’s fifty day moving average price is $92.11 and its 200 day moving average price is $89.46. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the company posted $1.56 EPS. The firm’s quarterly revenue was down 45.8% on a year-over-year basis. As a group, equities analysts expect that Microchip Technology will post 2.35 earnings per share for the current year.

Insider Buying and Selling

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock valued at $2,251,857 over the last ninety days. Corporate insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. AdvisorNet Financial Inc grew its holdings in Microchip Technology by 80.6% in the fourth quarter. AdvisorNet Financial Inc now owns 699 shares of the semiconductor company’s stock valued at $63,000 after purchasing an additional 312 shares during the last quarter. Private Trust Co. NA increased its holdings in Microchip Technology by 7.3% during the 4th quarter. Private Trust Co. NA now owns 6,089 shares of the semiconductor company’s stock valued at $549,000 after acquiring an additional 414 shares in the last quarter. Avitas Wealth Management LLC raised its position in Microchip Technology by 3.6% during the fourth quarter. Avitas Wealth Management LLC now owns 17,119 shares of the semiconductor company’s stock worth $1,544,000 after acquiring an additional 599 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Microchip Technology by 993.3% in the fourth quarter. International Assets Investment Management LLC now owns 299,896 shares of the semiconductor company’s stock valued at $27,045,000 after purchasing an additional 272,465 shares in the last quarter. Finally, Advisors Preferred LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $96,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.