Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $85.00 at Piper Sandler

Microchip Technology (NASDAQ:MCHP) had its target price decreased by investment analysts at Piper Sandler from $100.00 to $85.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s target price would indicate a potential upside of 14.34% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Citigroup decreased their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. JPMorgan Chase & Co. cut their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, July 31st. Finally, TD Cowen reduced their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Microchip Technology Trading Up 0.8 %

MCHP opened at $74.34 on Wednesday. Microchip Technology has a 52 week low of $71.76 and a 52 week high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The business has a fifty day simple moving average of $77.05 and a 200-day simple moving average of $85.12. The firm has a market cap of $39.88 billion, a P/E ratio of 51.99 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.54 EPS. On average, equities analysts expect that Microchip Technology will post 1.73 earnings per share for the current year.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Princeton Capital Management LLC increased its stake in Microchip Technology by 2.8% during the 3rd quarter. Princeton Capital Management LLC now owns 28,518 shares of the semiconductor company’s stock worth $2,290,000 after buying an additional 786 shares during the period. Prospera Financial Services Inc increased its position in shares of Microchip Technology by 21.3% during the third quarter. Prospera Financial Services Inc now owns 63,522 shares of the semiconductor company’s stock worth $5,100,000 after acquiring an additional 11,161 shares during the last quarter. Quest Partners LLC lifted its stake in shares of Microchip Technology by 463,300.0% in the third quarter. Quest Partners LLC now owns 4,634 shares of the semiconductor company’s stock worth $372,000 after acquiring an additional 4,633 shares in the last quarter. TrinityPoint Wealth LLC grew its stake in Microchip Technology by 6.6% during the 3rd quarter. TrinityPoint Wealth LLC now owns 4,883 shares of the semiconductor company’s stock valued at $392,000 after purchasing an additional 303 shares in the last quarter. Finally, Glass Wealth Management Co LLC increased its holdings in Microchip Technology by 10.5% during the 3rd quarter. Glass Wealth Management Co LLC now owns 27,012 shares of the semiconductor company’s stock worth $2,169,000 after purchasing an additional 2,575 shares during the last quarter. 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.