Microchip Technology (NASDAQ:MCHP) Given New $92.00 Price Target at Citigroup

Microchip Technology (NASDAQ:MCHP) had its price objective lowered by equities researchers at Citigroup from $104.00 to $92.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price objective would suggest a potential upside of 17.56% from the stock’s current price.

A number of other brokerages have also recently weighed in on MCHP. Stifel Nicolaus raised their price target on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. The Goldman Sachs Group raised their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Wednesday. Truist Financial dropped their price objective on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. cut their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.15.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $6.11 during midday trading on Friday, hitting $78.26. The company had a trading volume of 8,275,604 shares, compared to its average volume of 5,883,582. The firm has a market capitalization of $41.99 billion, a price-to-earnings ratio of 22.55 and a beta of 1.54. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $100.57. The business has a 50-day simple moving average of $92.11 and a two-hundred day simple moving average of $89.46. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period last year, the firm earned $1.56 EPS. Equities research analysts anticipate that Microchip Technology will post 2.35 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the sale, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the transaction, the vice president now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,993 shares of company stock worth $2,251,857. 2.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Microchip Technology

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after buying an additional 1,921,497 shares during the period. Principal Financial Group Inc. increased its position in shares of Microchip Technology by 0.9% during the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after purchasing an additional 87,203 shares during the period. Boston Partners raised its stake in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares in the last quarter. Norges Bank acquired a new stake in shares of Microchip Technology in the fourth quarter valued at $672,196,000. Finally, Van ECK Associates Corp boosted its stake in Microchip Technology by 4.9% during the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock valued at $582,301,000 after buying an additional 295,626 shares in the last quarter. Institutional investors 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.