Microchip Technology (NASDAQ:MCHP) Given New $52.00 Price Target at Truist Financial

Microchip Technology (NASDAQ:MCHP) had its target price upped by Truist Financial from $43.00 to $52.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage presently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s price objective would indicate a potential downside of 6.02% from the stock’s previous close.

A number of other brokerages have also issued reports on MCHP. Rosenblatt Securities restated a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Evercore ISI increased their target price on Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. TD Cowen boosted their price target on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. The Goldman Sachs Group reduced their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Finally, Mizuho boosted their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.42.

Microchip Technology Trading Up 12.6 %

Shares of MCHP opened at $55.33 on Friday. 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 one year low of $34.13 and a one year high of $100.57. The stock has a 50-day moving average price of $47.06 and a 200 day moving average price of $56.44. The company has a market capitalization of $29.76 billion, a P/E ratio of 98.80 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million during 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 business’s quarterly revenue was down 26.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.57 earnings per share. Sell-side analysts forecast that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MCHP. Pallas Capital Advisors LLC acquired a new position in shares of Microchip Technology during the 4th quarter valued at $5,917,000. Consolidated Planning Corp acquired a new position in Microchip Technology during the fourth quarter worth about $308,000. one8zero8 LLC acquired a new position in Microchip Technology during the fourth quarter worth about $384,000. Symphony Financial Ltd. Co. bought a new stake in Microchip Technology in the fourth quarter worth about $520,000. Finally, Truist Financial Corp lifted its holdings in Microchip Technology by 5.8% in the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock valued at $55,024,000 after acquiring an additional 52,222 shares during the last quarter. Institutional investors and hedge funds 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.