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

Microchip Technology logo with Computer and Technology background

Key Points

  • Piper Sandler raised the target price for Microchip Technology from $65.00 to $80.00, indicating a potential upside of 20.81% from the previous close.
  • Other analysts have also increased their target prices, with UBS Group setting a new target of $85.00 and Susquehanna at $90.00, reflecting strong buy sentiments for the stock.
  • Microchip Technology reported an earnings per share (EPS) of $0.27 for the last quarter, exceeding estimates by $0.03, but showed a 13.3% decline in revenue compared to the same quarter last year.
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Microchip Technology (NASDAQ:MCHP - Get Free Report) had its target price hoisted by equities research analysts at Piper Sandler from $65.00 to $80.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the semiconductor company's stock. Piper Sandler's price objective would suggest a potential upside of 20.81% from the company's previous close.

A number of other equities analysts also recently weighed in on MCHP. UBS Group raised their target price on shares of Microchip Technology from $65.00 to $85.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Susquehanna lifted their price target on Microchip Technology from $60.00 to $90.00 and gave the stock a "positive" rating in a research report on Tuesday, July 22nd. Truist Financial increased their price objective on shares of Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. KeyCorp lifted their target price on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Stifel Nicolaus increased their price target on shares of Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a report on Friday, July 18th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $76.05.

Read Our Latest Research Report on Microchip Technology

Microchip Technology Stock Up 0.1%

Shares of Microchip Technology stock opened at $66.22 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. Microchip Technology has a 52-week low of $34.13 and a 52-week high of $82.87. The company's 50 day moving average price is $69.39 and its 200-day moving average price is $58.02. The stock has a market capitalization of $35.74 billion, a price-to-earnings ratio of -6,622.00, a P/E/G ratio of 1.91 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.05 billion. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. Microchip Technology's quarterly revenue was down 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 EPS. Equities research analysts forecast that Microchip Technology will post 1.03 EPS for the current year.

Insider Activity

In related news, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, the director owned 3,468 shares of the company's stock, 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 accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer directly owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.94% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sagespring Wealth Partners LLC increased its stake in shares of Microchip Technology by 2.7% during the second quarter. Sagespring Wealth Partners LLC now owns 5,787 shares of the semiconductor company's stock valued at $407,000 after buying an additional 154 shares during the period. Mechanics Financial Corp increased its position in Microchip Technology by 3.4% during the 2nd quarter. Mechanics Financial Corp now owns 5,014 shares of the semiconductor company's stock valued at $353,000 after purchasing an additional 167 shares during the period. Global X Japan Co. Ltd. raised its holdings in shares of Microchip Technology by 0.4% in the 2nd quarter. Global X Japan Co. Ltd. now owns 45,705 shares of the semiconductor company's stock valued at $3,216,000 after purchasing an additional 174 shares in the last quarter. Bank of Jackson Hole Trust lifted its position in shares of Microchip Technology by 2.0% in the 2nd quarter. Bank of Jackson Hole Trust now owns 8,828 shares of the semiconductor company's stock worth $621,000 after purchasing an additional 174 shares during the period. Finally, Pinnacle Bancorp Inc. lifted its position in shares of Microchip Technology by 18.9% in the 2nd quarter. Pinnacle Bancorp Inc. now owns 1,206 shares of the semiconductor company's stock worth $85,000 after purchasing an additional 192 shares during the period. Institutional investors own 91.51% of the company's stock.

Microchip Technology Company Profile

(Get Free Report)

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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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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