Microchip Technology (NASDAQ:MCHP) Price Target Cut to $87.00 by Analysts at Stifel Nicolaus

Microchip Technology (NASDAQ:MCHP) had its target price reduced by research analysts at Stifel Nicolaus from $90.00 to $87.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 27.42% from the company’s previous close.

Several other equities analysts have also weighed in on MCHP. Piper Sandler reduced their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of Microchip Technology in a report on Tuesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Price Performance

Shares of Microchip Technology stock traded down $2.03 on Tuesday, hitting $68.28. The company had a trading volume of 652,012 shares, compared to its average volume of 6,053,782. Microchip Technology has a 52 week low of $62.63 and a 52 week high of $100.57. The company has a market cap of $36.67 billion, a PE ratio of 47.75 and a beta of 1.50. The business has a 50-day simple moving average of $73.57 and a 200-day simple moving average of $82.08. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the firm earned $1.54 EPS. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. Research analysts expect that Microchip Technology will post 1.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors have recently modified their holdings of MCHP. SeaCrest Wealth Management LLC grew its stake in Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after buying an additional 131 shares during the last quarter. Corundum Group Inc. lifted its position in shares of Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares during the period. Busey Bank grew its holdings in Microchip Technology by 2.6% in the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after buying an additional 155 shares during the last quarter. Finally, Financial Advocates Investment Management increased its position in Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after buying an additional 158 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.