Microchip Technology (NASDAQ:MCHP) had its price objective increased by analysts at Morgan Stanley from $97.00 to $99.00 in a report issued on Wednesday. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s target price indicates a potential upside of 15.33% from the stock’s previous close.
A number of other equities analysts have also weighed in on MCHP. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Saturday, September 30th. Stifel Nicolaus reissued a “buy” rating and issued a $94.00 price objective on shares of Microchip Technology in a research report on Thursday, September 28th. B. Riley reissued a “buy” rating and issued a $123.00 price objective (up previously from $120.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Needham & Company LLC restated a “buy” rating and issued a $120.00 target price on shares of Microchip Technology in a report on Tuesday, September 19th. Finally, Argus assumed coverage on shares of Microchip Technology in a report on Friday, October 6th. They issued a “buy” rating and a $106.00 target price for the company. Five analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $99.71.
Microchip Technology (NASDAQ MCHP) traded down $1.55 during trading hours on Wednesday, hitting $85.84. 1,898,100 shares of the stock were exchanged, compared to its average volume of 2,518,566. The company has a current ratio of 3.33, a quick ratio of 2.71 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $20,440.99, a price-to-earnings ratio of 18.51, a PEG ratio of 1.40 and a beta of 1.00. Microchip Technology has a twelve month low of $62.21 and a twelve month high of $95.92.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the sale, the vice president now owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zions Bancorporation boosted its stake in shares of Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock valued at $110,000 after purchasing an additional 836 shares during the period. Amica Retiree Medical Trust purchased a new position in shares of Microchip Technology in the third quarter valued at $121,000. Valeo Financial Advisors LLC purchased a new position in shares of Microchip Technology in the third quarter valued at $146,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after purchasing an additional 1,807 shares during the period. Finally, Commonwealth Bank of Australia boosted its stake in shares of Microchip Technology by 1.4% in the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after purchasing an additional 29 shares during the period.
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About Microchip Technology
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
