Microchip Technology (NASDAQ:MCHP) Price Target Raised to $60.00

Microchip Technology (NASDAQ:MCHP) had its price target lifted by equities researchers at UBS Group from $55.00 to $60.00 in a report issued on Friday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. UBS Group’s price objective would indicate a potential upside of 8.44% from the company’s previous close.

MCHP has been the subject of several other reports. Needham & Company LLC restated a “buy” rating and set a $66.00 target price on shares of Microchip Technology in a research note on Friday. Piper Sandler reaffirmed an “overweight” rating and issued a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Truist Financial lifted their target price on Microchip Technology from $43.00 to $52.00 and gave the company a “hold” rating in a research report on Friday. Rosenblatt Securities restated a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, KeyCorp lowered their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, February 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $67.42.

Microchip Technology Price Performance

Microchip Technology stock opened at $55.33 on Friday. The firm has a market cap of $29.76 billion, a PE ratio of 98.80 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. The stock’s fifty day moving average price is $47.06 and its two-hundred day moving average price is $56.44. Microchip Technology has a one year low of $34.13 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating 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 return on equity of 12.62% and a net margin of 6.49%. Microchip Technology’s revenue for the quarter was down 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 earnings per share. As a group, research analysts expect 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 that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Microchip Technology

Large investors have recently modified their holdings of the company. Gagnon Securities LLC increased its stake in Microchip Technology by 20.9% during the 1st quarter. Gagnon Securities LLC now owns 22,798 shares of the semiconductor company’s stock valued at $1,104,000 after purchasing an additional 3,941 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Microchip Technology by 3.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,266,402 shares of the semiconductor company’s stock worth $158,127,000 after acquiring an additional 122,633 shares in the last quarter. Coign Capital Advisors LLC raised its holdings in shares of Microchip Technology by 4.4% in the 1st quarter. Coign Capital Advisors LLC now owns 9,687 shares of the semiconductor company’s stock worth $469,000 after acquiring an additional 407 shares during the last quarter. ASR Vermogensbeheer N.V. bought a new position in Microchip Technology in the 1st quarter valued at about $1,662,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in Microchip Technology during the 1st quarter valued at about $119,000. 91.51% of the stock is currently owned by 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.