Microchip Technology (NASDAQ:MCHP) PT Lowered to $95.00 at Susquehanna

Microchip Technology (NASDAQ:MCHP) had its target price lowered by investment analysts at Susquehanna from $105.00 to $95.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s target price suggests a potential upside of 22.83% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Wednesday, July 31st. JPMorgan Chase & Co. cut their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. TD Cowen lowered their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Finally, Mizuho set a $95.00 price target on Microchip Technology in a research note on Friday. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $97.89.

Microchip Technology Stock Up 1.0 %

MCHP stock opened at $77.34 on Monday. The company has a market capitalization of $41.49 billion, a price-to-earnings ratio of 22.29 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The business’s 50 day moving average price is $78.29 and its two-hundred day moving average price is $86.14. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company’s revenue was down 45.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.56 EPS. As a group, analysts forecast that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related 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 transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Microchip Technology

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after purchasing an additional 1,921,497 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after buying an additional 33,603 shares during the last quarter. Boston Partners increased its holdings in shares of Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after buying an additional 736,818 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Microchip Technology by 4.9% during the 2nd quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock valued at $582,301,000 after buying an additional 295,626 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Microchip Technology by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after acquiring an additional 673,992 shares during 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.