Stifel Nicolaus Increases Microchip Technology (NASDAQ:MCHP) Price Target to $98.00

Microchip Technology (NASDAQ:MCHP) had its price objective upped by equities research analysts at Stifel Nicolaus from $94.00 to $98.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 16.20% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Thursday, January 18th. The Goldman Sachs Group decreased their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. UBS Group decreased their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Evercore ISI initiated coverage on Microchip Technology in a research report on Tuesday. They issued an “outperform” rating and a $106.00 target price on the stock. Finally, Susquehanna reaffirmed a “positive” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Monday, April 8th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $92.50.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $0.73 on Thursday, hitting $84.34. The company’s stock had a trading volume of 1,746,783 shares, compared to its average volume of 5,481,917. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The stock has a fifty day moving average of $86.58 and a two-hundred day moving average of $84.24. The firm has a market capitalization of $45.58 billion, a P/E ratio of 19.68, a price-to-earnings-growth ratio of 2.62 and a beta of 1.65. Microchip Technology has a one year low of $68.75 and a one year high of $94.30.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.48 earnings per share. Research analysts predict that Microchip Technology will post 4.64 earnings per share for the current year.

Insider Buying and Selling at Microchip Technology

In other news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares of the company’s stock, valued at $150,276. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Bleakley Financial Group LLC raised its position in Microchip Technology by 1.3% during the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock worth $849,000 after purchasing an additional 119 shares during the last quarter. Aspire Private Capital LLC raised its position in Microchip Technology by 3.2% during the 4th quarter. Aspire Private Capital LLC now owns 3,904 shares of the semiconductor company’s stock worth $274,266,959,000 after purchasing an additional 120 shares during the last quarter. RFG Advisory LLC raised its position in Microchip Technology by 3.2% during the 4th quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after purchasing an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC raised its position in Microchip Technology by 1.0% during the 4th quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after purchasing an additional 125 shares during the last quarter. Finally, Merit Financial Group LLC raised its position in Microchip Technology by 1.9% during the 3rd quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock worth $554,000 after purchasing an additional 134 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.