Microchip Technology (NASDAQ:MCHP) Price Target Cut to $85.00 by Analysts at Needham & Company LLC

Microchip Technology (NASDAQ:MCHPGet Free Report) had its price target reduced by analysts at Needham & Company LLC from $96.00 to $85.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 14.34% from the company’s current price.

A number of other analysts have also commented on the company. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. TD Cowen cut their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday. Susquehanna reduced their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research note on Monday, October 21st. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their target price for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, JPMorgan Chase & Co. decreased their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Read Our Latest Stock Report on Microchip Technology

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $74.34 on Wednesday. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The company’s 50-day moving average price is $77.05 and its 200 day moving average price is $85.12. Microchip Technology has a 52 week low of $71.76 and a 52 week high of $100.57. The stock has a market cap of $39.88 billion, a price-to-earnings ratio of 51.99 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHPGet Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the company posted $1.54 EPS. The company’s revenue was down 48.4% on a year-over-year basis. As a group, research analysts forecast that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors have recently added to or reduced their stakes in the company. Princeton Capital Management LLC grew its stake in shares of Microchip Technology by 2.8% during the third quarter. Princeton Capital Management LLC now owns 28,518 shares of the semiconductor company’s stock valued at $2,290,000 after acquiring an additional 786 shares in the last quarter. Prospera Financial Services Inc grew its stake in Microchip Technology by 21.3% during the 3rd quarter. Prospera Financial Services Inc now owns 63,522 shares of the semiconductor company’s stock valued at $5,100,000 after purchasing an additional 11,161 shares in the last quarter. Quest Partners LLC increased its holdings in Microchip Technology by 463,300.0% during the 3rd quarter. Quest Partners LLC now owns 4,634 shares of the semiconductor company’s stock worth $372,000 after purchasing an additional 4,633 shares during the last quarter. TrinityPoint Wealth LLC raised its position in shares of Microchip Technology by 6.6% in the 3rd quarter. TrinityPoint Wealth LLC now owns 4,883 shares of the semiconductor company’s stock valued at $392,000 after purchasing an additional 303 shares in the last quarter. Finally, Glass Wealth Management Co LLC boosted its stake in shares of Microchip Technology by 10.5% during the 3rd quarter. Glass Wealth Management Co LLC now owns 27,012 shares of the semiconductor company’s stock valued at $2,169,000 after buying an additional 2,575 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

(Get Free Report)

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.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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