Susquehanna Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $90.00

Microchip Technology (NASDAQ:MCHP) had its target price reduced by research analysts at Susquehanna from $95.00 to $90.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s price objective indicates a potential upside of 21.07% from the stock’s previous close.

MCHP has been the subject of a number of other research reports. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. KeyCorp cut their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday. Mizuho set a $95.00 price objective on Microchip Technology in a research note on Friday, October 18th. Finally, Piper Sandler dropped their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Price Performance

Shares of MCHP opened at $74.34 on Wednesday. The firm’s 50 day moving average price is $77.05 and its 200 day moving average price is $85.12. Microchip Technology has a twelve month low of $71.76 and a twelve month high of $100.57. The firm has a market cap of $39.88 billion, a PE ratio of 51.99 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results 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 company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.54 earnings per share. As a group, research analysts expect that Microchip Technology will post 1.73 EPS for the current fiscal year.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The stock was 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 approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Microchip Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norden Group LLC lifted its holdings in Microchip Technology by 23.9% in the first quarter. Norden Group LLC now owns 3,418 shares of the semiconductor company’s stock valued at $307,000 after buying an additional 660 shares during the period. Nordea Investment Management AB lifted its stake in shares of Microchip Technology by 7.0% in the 1st quarter. Nordea Investment Management AB now owns 39,455 shares of the semiconductor company’s stock valued at $3,539,000 after purchasing an additional 2,576 shares during the period. Rehmann Capital Advisory Group boosted its position in shares of Microchip Technology by 8.2% in the 1st quarter. Rehmann Capital Advisory Group now owns 3,237 shares of the semiconductor company’s stock worth $290,000 after purchasing an additional 246 shares during the last quarter. Larson Financial Group LLC acquired a new stake in shares of Microchip Technology during the first quarter worth $85,000. Finally, Advisory Services Network LLC increased its holdings in Microchip Technology by 4.7% in the first quarter. Advisory Services Network LLC now owns 33,927 shares of the semiconductor company’s stock valued at $3,044,000 after purchasing an additional 1,531 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Company Profile

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.