Analysts Set Microchip Technology Incorporated (NASDAQ:MCHP) Target Price at $92.50

Shares of Microchip Technology Incorporated (NASDAQ:MCHP - Get Free Report) have been given an average recommendation of "Moderate Buy" by the sixteen research firms that are presently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $92.50.

Several equities research analysts recently issued reports on MCHP shares. Rosenblatt Securities reissued a "buy" rating and issued a $100.00 price objective on shares of Microchip Technology in a research note on Tuesday, January 30th. UBS Group decreased their price target on shares of Microchip Technology from $105.00 to $95.00 and set a "buy" rating for the company in a report on Friday, February 2nd. Needham & Company LLC upped their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, February 2nd. Piper Sandler cut shares of Microchip Technology from an "overweight" rating to a "neutral" rating and set a $80.00 price target on the stock. in a report on Thursday, January 4th. Finally, Stifel Nicolaus increased their price objective on Microchip Technology from $94.00 to $98.00 and gave the stock a "buy" rating in a report on Thursday.

Insider Activity at Microchip Technology

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MCHP. First Trust Direct Indexing L.P. raised its stake in shares of Microchip Technology by 10.7% in the first quarter. First Trust Direct Indexing L.P. now owns 12,600 shares of the semiconductor company's stock valued at $1,130,000 after acquiring an additional 1,223 shares during the last quarter. Advisor Resource Council bought a new stake in shares of Microchip Technology during the first quarter worth $238,000. Norden Group LLC increased its stake in shares of Microchip Technology by 1,893.9% in the first quarter. Norden Group LLC now owns 54,992 shares of the semiconductor company's stock valued at $4,934,000 after buying an additional 52,234 shares in the last quarter. Valley National Advisers Inc. raised its holdings in shares of Microchip Technology by 136.0% in the first quarter. Valley National Advisers Inc. now owns 11,519 shares of the semiconductor company's stock valued at $1,033,000 after buying an additional 6,639 shares during the last quarter. Finally, Trust Co. of Oklahoma lifted its position in Microchip Technology by 7.2% during the 1st quarter. Trust Co. of Oklahoma now owns 7,400 shares of the semiconductor company's stock worth $664,000 after buying an additional 494 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 3.0 %

NASDAQ MCHP traded down $2.53 on Friday, hitting $81.68. 6,910,423 shares of the company were exchanged, compared to its average volume of 5,547,672. Microchip Technology has a twelve month low of $68.75 and a twelve month high of $94.30. The company's 50 day moving average price is $86.58 and its 200-day moving average price is $84.24. The firm has a market capitalization of $44.14 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 2.60 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

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

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is a positive change from Microchip Technology's previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.20%. Microchip Technology's payout ratio is presently 42.06%.

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.