Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price target hoisted by Susquehanna from $60.00 to $90.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "positive" rating on the semiconductor company's stock. Susquehanna's target price suggests a potential upside of 20.36% from the stock's previous close.
MCHP has been the topic of several other research reports. Mizuho boosted their price target on Microchip Technology from $78.00 to $85.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. KeyCorp upped their price objective on Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Wall Street Zen upgraded Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Raymond James Financial increased their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research note on Friday, May 9th. Finally, Evercore ISI increased their target price on Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Microchip Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.70.
Check Out Our Latest Stock Report on MCHP
Microchip Technology Stock Performance
MCHP traded up $0.92 during midday trading on Tuesday, reaching $74.77. The company's stock had a trading volume of 3,822,910 shares, compared to its average volume of 8,935,418. Microchip Technology has a twelve month low of $34.13 and a twelve month high of $93.23. The stock has a market cap of $40.35 billion, a P/E ratio of -7,467.60, a PEG ratio of 2.23 and a beta of 1.52. The company has a fifty day simple moving average of $66.82 and a 200 day simple moving average of $56.90. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. Research analysts expect that Microchip Technology will post 1.03 earnings per share for the current year.
Insider Buying and Selling
In related news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer directly owned 34,313 shares in the company, 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. Company insiders own 1.94% of the company's stock.
Hedge Funds Weigh In On Microchip Technology
Several institutional investors and hedge funds have recently bought and sold shares of MCHP. Vanguard Group Inc. lifted its position in Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company's stock valued at $3,952,123,000 after purchasing an additional 569,699 shares during the period. Franklin Resources Inc. lifted its position in Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock valued at $364,792,000 after purchasing an additional 3,013,162 shares during the period. Potomac Fund Management Inc. ADV acquired a new position in Microchip Technology during the fourth quarter valued at $738,000. First Citizens Bank & Trust Co. lifted its position in Microchip Technology by 468.2% during the first quarter. First Citizens Bank & Trust Co. now owns 73,737 shares of the semiconductor company's stock valued at $3,570,000 after purchasing an additional 60,760 shares during the period. Finally, Allstate Corp acquired a new position in Microchip Technology during the fourth quarter valued at $922,000. 91.51% of the stock is owned by hedge funds and other institutional investors.
About Microchip Technology
(
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.
Further Reading
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