Microchip Technology (NASDAQ:MCHP) Given New $98.00 Price Target at Stifel Nicolaus

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its target price boosted by analysts at Stifel Nicolaus from $94.00 to $98.00 in a report released on Thursday, Benzinga reports. The firm presently has a "buy" rating on the semiconductor company's stock. Stifel Nicolaus' price target indicates a potential upside of 16.38% from the stock's previous close.

A number of other brokerages have also weighed in on MCHP. StockNews.com lowered Microchip Technology from a "buy" rating to a "hold" rating in a research report on Friday, December 29th. Piper Sandler lowered Microchip Technology from an "overweight" rating to a "neutral" rating and set a $80.00 price objective for the company. in a research report on Thursday, January 4th. TD Cowen raised their price objective on Microchip Technology from $75.00 to $80.00 and gave the company a "market perform" rating in a research report on Friday, February 2nd. Susquehanna restated a "positive" rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Monday, April 8th. Finally, Needham & Company LLC raised their price objective on Microchip Technology from $85.00 to $90.00 and gave the company a "buy" rating in a research report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $92.50.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $0.86 during midday trading on Thursday, hitting $84.21. The company had a trading volume of 5,260,757 shares, compared to its average volume of 5,529,490. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $94.30. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The company has a market cap of $45.51 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 2.62 and a beta of 1.65. The company has a fifty day moving average of $86.58 and a two-hundred day moving average of $84.24.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.04. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. Microchip Technology's revenue for the quarter was down 18.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.48 EPS. On average, equities research analysts expect that Microchip Technology will post 4.64 EPS for the current fiscal year.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company's stock, valued at $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO James Eric Bjornholt sold 1,970 shares of the business's stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company's stock, valued at $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Karlton D. Johnson sold 370 shares of the business's stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now directly owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Cullinan Associates Inc. raised its position in shares of Microchip Technology by 34.9% in the first quarter. Cullinan Associates Inc. now owns 11,600 shares of the semiconductor company's stock worth $1,041,000 after acquiring an additional 3,000 shares during the period. Iams Wealth Management LLC raised its position in shares of Microchip Technology by 7.5% during the 1st quarter. Iams Wealth Management LLC now owns 14,539 shares of the semiconductor company's stock worth $1,195,000 after purchasing an additional 1,012 shares during the last quarter. Park Place Capital Corp raised its position in shares of Microchip Technology by 267.0% during the 1st quarter. Park Place Capital Corp now owns 3,644 shares of the semiconductor company's stock worth $327,000 after purchasing an additional 2,651 shares during the last quarter. Claro Advisors LLC raised its position in shares of Microchip Technology by 24.3% during the 1st quarter. Claro Advisors LLC now owns 4,699 shares of the semiconductor company's stock worth $422,000 after purchasing an additional 920 shares during the last quarter. Finally, Deltec Asset Management LLC acquired a new position in shares of Microchip Technology during the 1st quarter worth about $897,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.