Piper Sandler Reiterates “Neutral” Rating for Microchip Technology (NASDAQ:MCHP)

Microchip Technology (NASDAQ:MCHP)‘s stock had its “neutral” rating reissued by equities research analysts at Piper Sandler in a note issued to investors on Tuesday, Benzinga reports. They presently have a $90.00 price target on the semiconductor company’s stock, up from their previous price target of $80.00. Piper Sandler’s price target would indicate a potential downside of 3.20% from the company’s current price.

A number of other brokerages also recently weighed in on MCHP. Stifel Nicolaus boosted their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a report on Thursday, January 18th. Evercore ISI began coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a report on Tuesday, January 30th. Finally, TD Cowen lifted their target price on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.75.

Microchip Technology Trading Down 0.8 %

MCHP traded down $0.78 during trading on Tuesday, hitting $92.98. The company’s stock had a trading volume of 2,526,960 shares, compared to its average volume of 5,588,163. The firm has a market capitalization of $50.25 billion, a P/E ratio of 21.61, a PEG ratio of 2.79 and a beta of 1.60. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $96.14. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. The stock’s fifty day moving average price is $88.27 and its 200-day moving average price is $85.25.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the firm posted $1.56 earnings per share. The business’s revenue was down 40.6% compared to the same quarter last year. Analysts anticipate that Microchip Technology will post 4.64 EPS for the current year.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology 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 $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.07% of the stock is owned by corporate insiders.

Institutional Trading of Microchip Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Norges Bank purchased a new stake in Microchip Technology during the 4th quarter worth about $672,196,000. Mizuho Markets Americas LLC acquired a new stake in Microchip Technology in the 3rd quarter valued at $225,800,000. Truist Financial Corp grew its stake in shares of Microchip Technology by 324.0% in the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after buying an additional 1,386,924 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 17.2% during the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after buying an additional 891,297 shares during the period. Finally, Corient Private Wealth LLC boosted its stake in shares of Microchip Technology by 76.6% in the fourth 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 during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

About Microchip Technology

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.