Microchip Technology (NASDAQ:MCHP) Stock Price Expected to Rise, Mizuho Analyst Says

Microchip Technology (NASDAQ:MCHP) had its price objective increased by analysts at Mizuho from $58.00 to $68.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Mizuho’s target price indicates a potential upside of 17.34% from the stock’s current price.

A number of other analysts have also recently commented on MCHP. Needham & Company LLC upped their price objective on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research report on Tuesday. B. Riley reaffirmed a “buy” rating and set a $75.00 price target (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Evercore ISI reissued an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Susquehanna reduced their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Finally, Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $76.16.

Microchip Technology Trading Down 1.5 %

Shares of NASDAQ:MCHP opened at $57.95 on Tuesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology has a 1 year low of $50.21 and a 1 year high of $100.57. The company has a market cap of $31.17 billion, a P/E ratio of 103.48 and a beta of 1.50. The stock’s fifty day moving average price is $56.94 and its 200-day moving average price is $67.20.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Sell-side analysts expect that Microchip Technology will post 1.03 earnings per share for the current year.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MCHP. Mainstream Capital Management LLC purchased a new stake in Microchip Technology in the 4th quarter valued at about $26,000. Rakuten Securities Inc. boosted its holdings in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 359 shares during the period. Prospera Private Wealth LLC bought a new position in Microchip Technology in the third quarter worth approximately $29,000. OFI Invest Asset Management bought a new stake in Microchip Technology during the 4th quarter valued at $29,000. Finally, Financial Life Planners purchased a new stake in shares of Microchip Technology in the 4th quarter worth $32,000. Hedge funds and other 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.