Microchip Technology (NASDAQ: MCHP – Get Rating) had its target price reduced by equities researchers at Morgan Stanley from $ 85.00 to $ 81.00 in a research report issued to clients and investors on Friday, Stock Target Advisor reports. The firm currently has an “overweight” rating on the semiconductor company stock. Morgan Stanley’s price target indicates a potential upside of 26.27% from the stock’s current price.
A number of other research firms have also recently issued reports on MCHP. Truist Financial decreased their price objective on shares of Microchip Technology from $ 94.00 to $ 79.00 and set a “buy” rating on the stock in a research report on Friday, April 8th. B. Riley decreased their price objective on shares of Microchip Technology from $ 105.00 to $ 85.00 in a research report on Tuesday, May 10th. Citigroup decreased their price objective on shares of Microchip Technology from $ 78.00 to $ 72.00 in a research report on Tuesday, May 10th. The Goldman Sachs Group cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and set a $ 79.00 price objective on the stock. in a research report on Sunday, March 27th. Finally, UBS Group boosted their price target on shares of Microchip Technology from $ 98.00 to $ 105.00 and gave the company a “buy” rating in a research report on Wednesday, March 9th. Five investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $ 93.90.
Microchip Technology stock opened at $ 64.15 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.75 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $ 35.57 billion, a PE ratio of 28.32, a P / E / G ratio of 0.59 and a beta of 1.55. The firm has a fifty day simple moving average of $ 67.97 and a two-hundred day simple moving average of $ 74.74. Microchip Technology has a twelve month low of $ 63.34 and a twelve month high of $ 90.00.
Microchip Technology (NASDAQ: MCHP – Get Rating) last posted its quarterly earnings results on Monday, May 9th. The semiconductor company reported $ 1.26 earnings per share for the quarter, topping the estimate consensus of $ 1.17 by $ 0.09. Microchip Technology had a net margin of 18.85% and a return on equity of 41.89%. The business had revenue of $ 1.84 billion during the quarter, compared to the estimate consensus of $ 1.82 billion. During the same period in the previous year, the firm posted $ 0.82 earnings per share. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. As a group, equities analysts expect that Microchip Technology will post 5.14 earnings per share for the current fiscal year.
In other news, VP Mitchell R. Little sold 1,970 shares of the company stock in a transaction that occurred on Thursday, May 19th. The shares were sold at an average price of $ 66.29, for a total value of $ 130,591.30. Following the transaction, the vice president now owns 16,730 shares in the company, valued at $ 1,109,031.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Mitchell R. Little sold 3,674 shares of the company stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $ 66.66, for a total transaction of $ 244,908.84. Following the completion of the transaction, the vice president now owns 13,056 shares in the company, valued at approximately $ 870,312.96. The disclosure for this sale can be found here. Insiders have sold 9,564 shares of company stock worth $ 637,217 in the last three months. 2.03% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. JW Cole Advisors Inc. bought a new position in shares of Microchip Technology in the first quarter worth approximately $ 55,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Microchip Technology by 28.8% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 945,812 shares of the semiconductor company stock worth $ 71,069,000 after buying an additional 211,679 shares in the last quarter. Neuberger Berman Group LLC lifted its stake in shares of Microchip Technology by 39.1% in the first quarter. Neuberger Berman Group LLC now owns 24,985 shares of the semiconductor company stock worth $ 1,886,000 after buying an additional 7,022 shares in the last quarter. EP Wealth Advisors LLC lifted its position in Microchip Technology by 17.5% during the first quarter. EP Wealth Advisors LLC now owns 7,328 shares of the semiconductor company stock valued at $ 551,000 after purchasing an additional 1,092 shares during the period. Finally, Toroso Investments LLC lifted its position in Microchip Technology by 14.5% during the first quarter. Toroso Investments LLC now owns 13,231 shares of the semiconductor company stock valued at $ 994,000 after purchasing an additional 1,680 shares during the period. Hedge funds and other institutional investors own 89.36% of the company stock.
Microchip Technology Company Profile: (Get Rating)
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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