Stifel Nicolaus Issues Positive Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective upped by investment analysts at Stifel Nicolaus from $70.00 to $82.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. Stifel Nicolaus' price target would indicate a potential upside of 10.40% from the company's previous close.

Several other research firms have also recently issued reports on MCHP. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a research report on Friday, May 9th. Rosenblatt Securities lifted their price objective on Microchip Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Evercore ISI boosted their price target on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. B. Riley boosted their price objective on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Mizuho boosted their price objective on Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Six equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $75.70.

Microchip Technology Trading Down 0.0%

NASDAQ:MCHP traded down $0.02 on Friday, reaching $74.28. 604,730 shares of the company's stock were exchanged, compared to its average volume of 8,924,714. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $40.09 billion, a price-to-earnings ratio of -7,427.70, a price-to-earnings-growth ratio of 2.21 and a beta of 1.52. The business has a fifty day moving average of $66.43 and a 200-day moving average of $56.78. Microchip Technology has a 52-week low of $34.13 and a 52-week high of $93.31.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates 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 business's revenue for the quarter was down 26.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 earnings per share. As a group, analysts expect that Microchip Technology will post 1.03 earnings per share for the current year.

Insider Activity at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the 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 transaction, the director directly owned 3,468 shares of the company's stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The sale 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 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 transaction, the chief financial officer directly owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds have recently modified their holdings of the stock. Broadway Wealth Solutions Inc. boosted its position in Microchip Technology by 4.7% in the 2nd quarter. Broadway Wealth Solutions Inc. now owns 7,388 shares of the semiconductor company's stock valued at $520,000 after buying an additional 333 shares during the last quarter. One Wealth Advisors LLC boosted its position in Microchip Technology by 19.8% in the 2nd quarter. One Wealth Advisors LLC now owns 4,983 shares of the semiconductor company's stock valued at $351,000 after buying an additional 824 shares during the last quarter. Capital Investment Advisors LLC bought a new position in shares of Microchip Technology in the 2nd quarter worth $313,000. HB Wealth Management LLC boosted its position in shares of Microchip Technology by 30.7% in the 2nd quarter. HB Wealth Management LLC now owns 21,054 shares of the semiconductor company's stock worth $1,482,000 after purchasing an additional 4,946 shares during the last quarter. Finally, GC Wealth Management RIA LLC boosted its position in shares of Microchip Technology by 96.5% in the 2nd quarter. GC Wealth Management RIA LLC now owns 12,987 shares of the semiconductor company's stock worth $914,000 after purchasing an additional 6,377 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

About Microchip Technology

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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