Microchip Technology (NASDAQ:MCHP) Price Target Cut to $43.00 by Analysts at Truist Financial

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its target price cut by research analysts at Truist Financial from $56.00 to $43.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "hold" rating on the semiconductor company's stock. Truist Financial's price objective points to a potential downside of 8.30% from the company's previous close.

A number of other equities analysts have also commented on MCHP. Raymond James reiterated a "strong-buy" rating and set a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $70.00 price target on shares of Microchip Technology in a research report on Tuesday, March 4th. Stifel Nicolaus lowered their price objective on Microchip Technology from $80.00 to $60.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. KeyCorp cut their price objective on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Friday, February 7th. Finally, The Goldman Sachs Group decreased their target price on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a research report on Friday, January 10th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $69.32.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded down $0.23 during mid-day trading on Monday, hitting $46.89. 7,677,163 shares of the stock traded hands, compared to its average volume of 8,234,723. Microchip Technology has a twelve month low of $34.13 and a twelve month high of $100.57. The firm has a 50 day simple moving average of $49.48 and a two-hundred day simple moving average of $58.56. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The company has a market cap of $25.22 billion, a PE ratio of 83.73 and a beta of 1.51.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, equities research analysts forecast that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new position in Microchip Technology in the 4th quarter valued at about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Microchip Technology by 273.2% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after purchasing an additional 3,912,895 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after purchasing an additional 3,131,807 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of 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 buying an additional 3,013,162 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock worth $163,886,000 after buying an additional 2,829,082 shares in the last quarter. 91.51% of the stock is currently 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.