UBS Group Boosts Microchip Technology (NASDAQ:MCHP) Price Target to $65.00

Microchip Technology (NASDAQ:MCHP) had its price objective raised by UBS Group from $60.00 to $65.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. UBS Group’s price target would suggest a potential upside of 13.60% from the stock’s previous close.

A number of other equities analysts also recently commented on MCHP. Morgan Stanley boosted their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, May 9th. Mizuho upped their target price on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. TD Cowen upped their target price on Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, May 9th. Bank of America raised shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a research note on Friday, May 9th. Finally, Evercore ISI raised their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $67.68.

Microchip Technology Stock Down 1.5%

Shares of NASDAQ:MCHP opened at $57.22 on Friday. Microchip Technology has a 1 year low of $34.13 and a 1 year high of $98.10. The business has a 50 day simple moving average of $48.55 and a two-hundred day simple moving average of $54.93. The firm has a market capitalization of $30.86 billion, a PE ratio of 102.18 and a beta of 1.42. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s revenue was down 26.8% on a year-over-year basis. On average, equities analysts predict that Microchip Technology will post 1.03 EPS for the current year.

Insider Activity at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of Microchip Technology 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology 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 sale, the chief financial officer now directly owns 34,313 shares of the company’s stock, valued at approximately $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. 2.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Microchip Technology

Institutional investors have recently modified their holdings of the company. KBC Group NV raised its holdings in shares of Microchip Technology by 5.7% in the fourth quarter. KBC Group NV now owns 96,413 shares of the semiconductor company’s stock valued at $5,529,000 after buying an additional 5,178 shares during the last quarter. Forsta AP Fonden grew its position in Microchip Technology by 3.9% during the fourth quarter. Forsta AP Fonden now owns 116,200 shares of the semiconductor company’s stock worth $6,664,000 after buying an additional 4,400 shares during the period. Swedbank AB grew its position in shares of Microchip Technology by 6.4% in the fourth quarter. Swedbank AB now owns 37,132 shares of the semiconductor company’s stock valued at $2,130,000 after purchasing an additional 2,247 shares during the last quarter. Gilbert & Cook Inc. grew its position in shares of Microchip Technology by 15.9% in the fourth quarter. Gilbert & Cook Inc. now owns 5,343 shares of the semiconductor company’s stock valued at $306,000 after purchasing an additional 734 shares during the last quarter. Finally, Boomfish Wealth Group LLC lifted its stake in shares of Microchip Technology by 36.1% during the fourth quarter. Boomfish Wealth Group LLC now owns 38,863 shares of the semiconductor company’s stock valued at $2,229,000 after buying an additional 10,311 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.