Stifel Nicolaus Raises Microchip Technology (NASDAQ:MCHP) Price Target to $102.00

Microchip Technology (NASDAQ:MCHP) had its price target upped by equities researchers at Stifel Nicolaus from $98.00 to $102.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price objective indicates a potential upside of 12.63% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. TD Cowen upped their price target on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd. Susquehanna reiterated a “positive” rating and set a $100.00 price target on shares of Microchip Technology in a report on Monday, April 8th. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Thursday, January 18th. The Goldman Sachs Group reduced their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research note on Friday, February 2nd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.75.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $90.56 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock has a market capitalization of $48.94 billion, a PE ratio of 21.49, a P/E/G ratio of 2.84 and a beta of 1.65. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $94.63. The company has a fifty day moving average of $87.66 and a two-hundred day moving average of $84.89.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the business earned $1.48 earnings per share. The firm’s revenue for the quarter was down 18.6% on a year-over-year basis. As a group, research analysts forecast that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction that occurred 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 sale, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were 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 disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On Microchip Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Microchip Technology in the fourth quarter valued at about $672,196,000. Mizuho Markets Americas LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter valued at approximately $225,800,000. Truist Financial Corp boosted its stake in shares of Microchip Technology by 324.0% during the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after acquiring an additional 1,386,924 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Microchip Technology by 17.2% in the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock worth $544,388,000 after acquiring an additional 891,297 shares during the period. Finally, Corient Private Wealth LLC increased its stake in Microchip Technology by 76.6% in the 4th quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock valued at $184,251,000 after purchasing an additional 886,068 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.