Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $90.00 at Jefferies Financial Group

Microchip Technology (NASDAQ:MCHP) had its price target cut by analysts at Jefferies Financial Group from $100.00 to $90.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 22.17% from the stock’s current price.

Several other equities analysts have also recently commented on the stock. KeyCorp reduced their price objective on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday. Susquehanna reduced their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday. Evercore ISI reissued an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday. B. Riley cut their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

Shares of MCHP traded down $1.42 during trading hours on Wednesday, hitting $73.67. The company’s stock had a trading volume of 5,316,132 shares, compared to its average volume of 5,932,199. The company has a market cap of $39.52 billion, a price-to-earnings ratio of 29.47 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The business has a 50 day simple moving average of $77.17 and a two-hundred day simple moving average of $85.20. Microchip Technology has a 52-week low of $71.76 and a 52-week high of $100.57.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC purchased a new stake in shares of Microchip Technology in the 1st quarter worth about $39,000. Versant Capital Management Inc grew its position in shares of Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares during the period. Wolff Wiese Magana LLC grew its position in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares during the period. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Microchip Technology in the 1st quarter worth about $54,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Microchip Technology in the 2nd quarter worth about $55,000. 91.51% of the stock is currently owned by institutional investors.

About Microchip Technology

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.