Microchip Technology (NASDAQ:MCHP) PT Lowered to $89.00

Microchip Technology (NASDAQ:MCHP) had its price objective cut by Truist Financial from $96.00 to $89.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Truist Financial’s price objective would suggest a potential upside of 17.99% from the stock’s previous close.

Several other equities analysts also recently weighed in on the company. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the company from $110.00 to $90.00 in a research report on Friday. B. Riley upped their target price on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Stifel Nicolaus upped their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Finally, KeyCorp upped their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.15.

Microchip Technology Trading Down 10.6 %

Microchip Technology stock traded down $8.94 during midday trading on Friday, hitting $75.43. 17,482,866 shares of the stock were exchanged, compared to its average volume of 6,510,382. The stock has a market capitalization of $40.47 billion, a price-to-earnings ratio of 21.74 and a beta of 1.54. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The stock’s 50-day simple moving average is $91.66 and its 200 day simple moving average is $89.42. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. The firm’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.56 earnings per share. On average, equities analysts anticipate that Microchip Technology will post 2.35 EPS for the current year.

Insider Activity

In other news, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were 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 in the company, valued at approximately $7,470,608.64. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $3,325,034.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, 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. In the last quarter, insiders sold 23,993 shares of company stock worth $2,251,857. Corporate insiders own 2.07% of the company’s stock.

Institutional Trading of Microchip Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in Microchip Technology during the 4th quarter worth $672,196,000. Clearbridge Investments LLC raised its position in Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after buying an additional 1,962,685 shares during the last quarter. Vanguard Group Inc. raised its position 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 worth $6,152,646,000 after buying an additional 1,921,497 shares during the last quarter. Truist Financial Corp raised its position in 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 buying an additional 1,386,924 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after buying an additional 1,114,962 shares during the last quarter. Hedge funds and other 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.