B. Riley Has Lowered Expectations for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its price objective dropped by equities research analysts at B. Riley from $93.00 to $85.00 in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. B. Riley’s target price suggests a potential upside of 42.69% from the company’s current price.

Several other equities analysts also recently commented on MCHP. Citigroup dropped their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. The Goldman Sachs Group dropped their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Evercore ISI reissued an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Jefferies Financial Group cut their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Piper Sandler dropped their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $84.00.

Microchip Technology Stock Up 1.9 %

MCHP stock opened at $59.57 on Friday. The firm has a 50-day moving average price of $60.53 and a 200-day moving average price of $72.98. Microchip Technology has a 12 month low of $54.47 and a 12 month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $31.99 billion, a P/E ratio of 41.66 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.54 EPS. As a group, equities research analysts anticipate that Microchip Technology will post 1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Microchip Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Evergreen Capital Management LLC lifted its holdings in shares of Microchip Technology by 27.9% in the second quarter. Evergreen Capital Management LLC now owns 3,940 shares of the semiconductor company’s stock valued at $361,000 after purchasing an additional 859 shares in the last quarter. APG Asset Management N.V. lifted its stake in Microchip Technology by 14.7% during the 2nd quarter. APG Asset Management N.V. now owns 416,117 shares of the semiconductor company’s stock valued at $35,526,000 after acquiring an additional 53,434 shares in the last quarter. MBB Public Markets I LLC purchased a new position in Microchip Technology during the 2nd quarter worth $3,609,000. The Manufacturers Life Insurance Company grew its stake in shares of Microchip Technology by 78.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock worth $200,329,000 after acquiring an additional 961,801 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Microchip Technology by 38.3% in the second quarter. Mackenzie Financial Corp now owns 64,624 shares of the semiconductor company’s stock valued at $5,913,000 after purchasing an additional 17,881 shares during the last quarter. Institutional investors and hedge funds 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.