Microchip Technology (NASDAQ:MCHP) Stock Price Expected to Rise, Citigroup Analyst Says

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective hoisted by equities researchers at Citigroup from $68.00 to $90.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. Citigroup's price target indicates a potential upside of 25.82% from the stock's current price.

A number of other brokerages have also recently commented on MCHP. Truist Financial raised their price target on Microchip Technology from $52.00 to $64.00 and gave the stock a "hold" rating in a research report on Wednesday, June 18th. Needham & Company LLC restated a "buy" rating and issued a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. B. Riley raised their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. TD Cowen lifted their target price on Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, May 9th. Finally, Evercore ISI lifted their target price on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Seven research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $72.25.

Microchip Technology Stock Down 2.1%

Shares of NASDAQ MCHP traded down $1.53 during trading hours on Monday, hitting $71.53. The company had a trading volume of 5,132,178 shares, compared to its average volume of 8,906,536. The stock has a market capitalization of $38.58 billion, a P/E ratio of -7,153.00, a price-to-earnings-growth ratio of 2.17 and a beta of 1.52. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. Microchip Technology has a 1-year low of $34.13 and a 1-year high of $96.98. The firm's 50 day moving average is $61.61 and its 200-day moving average is $55.74.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company's quarterly revenue was down 26.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. On average, analysts expect that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director owned 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On Microchip Technology

A number of hedge funds have recently added to or reduced their stakes in MCHP. Rakuten Securities Inc. grew its holdings in Microchip Technology by 309.5% during the fourth 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 bought a new stake in Microchip Technology during the fourth quarter worth $29,000. Garde Capital Inc. bought a new stake in Microchip Technology during the first quarter worth $30,000. Millstone Evans Group LLC bought a new stake in Microchip Technology during the fourth quarter worth $34,000. Finally, WPG Advisers LLC bought a new stake in Microchip Technology during the first quarter worth $40,000. 91.51% of the stock is currently 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.

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