Piper Sandler Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $85.00

Microchip Technology (NASDAQ:MCHP) had its target price cut by equities research analysts at Piper Sandler from $100.00 to $85.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Piper Sandler’s price objective points to a potential upside of 14.34% from the company’s current price.

MCHP has been the topic of a number of other research reports. Susquehanna cut their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a report on Monday, October 21st. KeyCorp lowered their price objective on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $102.00 to $100.00 in a report on Thursday, July 11th. JPMorgan Chase & Co. cut their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Finally, Citigroup cut their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Up 0.8 %

Shares of NASDAQ MCHP opened at $74.34 on Wednesday. The firm’s fifty day moving average is $77.05 and its 200 day moving average is $85.12. Microchip Technology has a 52 week low of $71.76 and a 52 week high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company 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:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s revenue was down 48.4% on a year-over-year basis. During the same quarter last year, the business posted $1.54 EPS. On average, equities research analysts expect that Microchip Technology will post 1.73 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Microchip Technology

Large investors have recently made changes to their positions in the business. Peterson Financial Group Inc. purchased a new stake in Microchip Technology in the third quarter valued at approximately $34,000. Pathway Financial Advisers LLC purchased a new position in Microchip Technology in the 1st quarter valued at $39,000. Versant Capital Management Inc lifted its stake in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares in the last quarter. Wolff Wiese Magana LLC boosted its holdings in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. acquired a new position in Microchip Technology during the first quarter worth $54,000. 91.51% of the stock is owned by institutional investors and hedge funds.

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.