Microchip Technology (NASDAQ:MCHP) Given New $72.00 Price Target at Mizuho

Microchip Technology (NASDAQ:MCHP) had its price objective decreased by analysts at Mizuho from $85.00 to $72.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the semiconductor company’s stock. Mizuho’s price objective indicates a potential upside of 31.17% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Susquehanna dropped their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Piper Sandler reduced their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Stifel Nicolaus lowered their target price on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average price target of $87.11.

Microchip Technology Trading Down 2.6 %

Shares of Microchip Technology stock traded down $1.49 on Friday, hitting $54.89. The stock had a trading volume of 3,021,493 shares, compared to its average volume of 6,971,096. The stock has a 50 day moving average of $63.23 and a 200 day moving average of $75.24. The firm has a market capitalization of $29.48 billion, a P/E ratio of 38.38 and a beta of 1.52. Microchip Technology has a twelve month low of $54.47 and a twelve month high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last announced 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. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.54 EPS. Sell-side analysts expect that Microchip Technology will post 1.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Corundum Group Inc. increased its position in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after acquiring an additional 143 shares during the last quarter. Financial Advocates Investment Management increased its stake in shares of 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 purchasing an additional 158 shares in the last quarter. Bruce G. Allen Investments LLC raised its holdings in Microchip Technology by 11.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after purchasing an additional 162 shares during the period. Metis Global Partners LLC lifted its position in Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after purchasing an additional 172 shares in the last quarter. Finally, Parallel Advisors LLC increased its position in Microchip Technology by 2.9% in the second quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock worth $581,000 after buying an additional 178 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

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.