Microchip Technology (NASDAQ:MCHP) Price Target Cut to $82.00 by Analysts at Citigroup

Microchip Technology (NASDAQ:MCHP) had its price target lowered by stock analysts at Citigroup from $92.00 to $82.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price objective indicates a potential upside of 11.31% from the company’s current price.

A number of other research analysts have also weighed in on MCHP. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Needham & Company LLC dropped their price target on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday. KeyCorp decreased their price objective on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Finally, B. Riley decreased their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

Microchip Technology stock traded down $1.42 on Wednesday, reaching $73.67. 5,316,132 shares of the stock were exchanged, compared to its average volume of 5,932,199. The stock has a market cap of $39.52 billion, a PE ratio of 29.47 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology has a twelve month low of $71.76 and a twelve month high of $100.57. The firm has a fifty day moving average price of $77.17 and a two-hundred day moving average price of $85.20.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

Institutional investors have recently added to or reduced their stakes in the stock. Swedbank AB bought a new stake in Microchip Technology in the 1st quarter valued at $1,079,000. Pinnacle Associates Ltd. lifted its position in Microchip Technology by 50.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after buying an additional 35,213 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after buying an additional 93,464 shares in the last quarter. SageView Advisory Group LLC lifted its position in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after buying an additional 14,458 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new stake in Microchip Technology during the 2nd quarter worth about $42,538,000. 91.51% of the stock is owned by institutional investors.

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.