Citigroup Forecasts Strong Price Appreciation for Microchip Technology (NASDAQ:MCHP) Stock

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective raised by analysts at Citigroup from $55.00 to $68.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. Citigroup's price target would indicate a potential downside of 0.29% from the stock's current price.

Other research analysts have also recently issued research reports about the company. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research note on Friday, May 9th. Evercore ISI upped their price objective on Microchip Technology from $65.00 to $71.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. B. Riley upped their price objective on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Rosenblatt Securities upped their price objective on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Finally, TD Cowen upped their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $68.37.

Microchip Technology Stock Up 4.5%

Microchip Technology stock traded up $2.95 during mid-day trading on Monday, hitting $68.20. The company had a trading volume of 5,461,435 shares, compared to its average volume of 8,667,022. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The stock's 50 day moving average price is $49.94 and its two-hundred day moving average price is $54.81. Microchip Technology has a 12 month low of $34.13 and a 12 month high of $96.98. The company has a market capitalization of $36.79 billion, a PE ratio of 121.66 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The business had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period in the previous year, the company posted $0.57 earnings per share. The company's revenue for the quarter was down 26.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer now owns 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Several institutional investors have recently added to or reduced their stakes in MCHP. Consolidated Planning Corp bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $308,000. one8zero8 LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $384,000. Truist Financial Corp lifted its stake in shares of Microchip Technology by 5.8% in the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company's stock valued at $55,024,000 after purchasing an additional 52,222 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Microchip Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after purchasing an additional 569,699 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after purchasing an additional 3,013,162 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

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.

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