Microchip Technology (NASDAQ:MCHP) Stock Price Expected to Rise, Evercore ISI Analyst Says

Microchip Technology (NASDAQ:MCHP) had its target price upped by equities researchers at Evercore ISI from $69.00 to $83.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the semiconductor company’s stock. Evercore ISI’s price target points to a potential upside of 26.27% from the company’s previous close.

Several other equities research analysts have also issued reports on MCHP. Stifel Nicolaus lifted their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 9th. UBS Group lifted their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Citigroup lifted their price target on shares of Microchip Technology from $55.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Truist Financial lifted their price target on shares of Microchip Technology from $43.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, May 9th. Finally, Morgan Stanley lifted their price target 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $69.53.

Microchip Technology Price Performance

MCHP stock opened at $65.73 on Thursday. The firm has a 50 day moving average of $52.78 and a 200-day moving average of $54.99. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $96.98. The firm has a market capitalization of $35.45 billion, a P/E ratio of 117.38 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) 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 business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the business posted $0.57 earnings per share. Microchip Technology’s revenue for the quarter was down 26.8% on a year-over-year basis. As a group, sell-side analysts predict that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer now owns 34,313 shares in the company, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds have recently bought and sold shares of MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology in the 4th quarter worth about $26,000. Rakuten Securities Inc. raised its position in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after buying an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new position in Microchip Technology in the 4th quarter worth about $29,000. Garde Capital Inc. purchased a new position in Microchip Technology in the 1st quarter worth about $30,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Microchip Technology in the 4th quarter worth about $34,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

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.