Microchip Technology (NASDAQ:MCHP) Price Target Raised to $78.00

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective boosted by research analysts at Mizuho from $68.00 to $78.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the semiconductor company's stock. Mizuho's target price points to a potential upside of 14.82% from the stock's previous close.

MCHP has been the topic of a number of other research reports. Truist Financial boosted their price objective on shares of Microchip Technology from $43.00 to $52.00 and gave the company a "hold" rating in a research report on Friday, May 9th. B. Riley raised their target price on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Stifel Nicolaus upped their price target on Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Evercore ISI lifted their price objective on Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reissued a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a research note on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Microchip Technology has an average rating of "Moderate Buy" and an average target price of $69.53.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $1.67 during mid-day trading on Thursday, hitting $67.93. The company had a trading volume of 7,699,552 shares, compared to its average volume of 8,764,311. The stock's 50-day moving average price is $51.57 and its 200-day moving average price is $55.02. The company has a market capitalization of $36.64 billion, a price-to-earnings ratio of 121.30 and a beta of 1.48. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology has a 1 year low of $34.13 and a 1 year high of $96.98.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Mainstream Capital Management LLC bought a new position in Microchip Technology in the 4th quarter valued at approximately $26,000. Rakuten Securities Inc. increased its holdings in Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares in the last quarter. OFI Invest Asset Management purchased a new position in Microchip Technology in the 4th quarter worth about $29,000. Garde Capital Inc. purchased a new position in Microchip Technology in the 1st quarter worth about $30,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Microchip Technology during the 4th quarter valued at about $34,000. 91.51% of the stock is owned by hedge funds and other 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.