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

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective lifted by stock analysts at Citigroup from $68.00 to $90.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. Citigroup's target price suggests a potential upside of 19.87% from the stock's previous close.

Other research analysts have also issued reports about the company. Wall Street Zen upgraded Microchip Technology from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Mizuho lifted their price objective on Microchip Technology from $68.00 to $78.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. 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. Cantor Fitzgerald assumed coverage on shares of Microchip Technology in a report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 target price on the stock. Finally, B. Riley upped their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a report on Friday, May 9th. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $75.10.

Microchip Technology Trading Up 0.5%

Shares of Microchip Technology stock traded up $0.40 during trading on Monday, reaching $75.08. 7,550,327 shares of the company were exchanged, compared to its average volume of 8,950,893. The business has a 50-day moving average price of $63.24 and a 200-day moving average price of $56.12. The firm has a market capitalization of $40.52 billion, a price-to-earnings ratio of -7,508.00, a P/E/G ratio of 2.22 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 twelve month low of $34.13 and a twelve month high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the company earned $0.57 EPS. The company's revenue for the quarter was down 26.8% compared to the same quarter last year. Sell-side analysts anticipate that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the company's 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 sale, the chief financial officer owned 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director directly 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. Company insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On Microchip Technology

A number of large investors have recently added to or reduced their stakes in MCHP. Rakuten Securities Inc. increased its holdings in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology in the 4th quarter valued at about $29,000. Garde Capital Inc. acquired a new stake in Microchip Technology during the first quarter worth approximately $30,000. Millstone Evans Group LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth approximately $34,000. Finally, Carderock Capital Management Inc. acquired a new position in shares of Microchip Technology in the second quarter valued at approximately $39,000. 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.