Truist Financial Issues Positive Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its target price upped by Truist Financial from $52.00 to $64.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the semiconductor company's stock. Truist Financial's price target indicates a potential downside of 6.58% from the stock's previous close.

MCHP has been the topic of several other reports. Stifel Nicolaus increased their price objective on Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Mizuho raised their price objective on Microchip Technology from $68.00 to $78.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. UBS Group lifted their price objective on Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Evercore ISI lifted their price target on Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Finally, Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average target price of $70.15.

Microchip Technology Stock Performance

MCHP traded up $0.82 during trading on Wednesday, hitting $68.51. 1,940,321 shares of the company traded hands, compared to its average volume of 8,790,227. Microchip Technology has a one year low of $34.13 and a one year high of $96.98. The stock's fifty day moving average is $53.89 and its 200 day moving average is $54.90. 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 cap of $36.95 billion, a P/E ratio of -6,852.90, a price-to-earnings-growth ratio of 2.03 and a beta of 1.48.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping 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 negative net margin of 0.01% and a positive return on equity of 8.55%. The company's revenue was down 26.8% on a year-over-year basis. During the same quarter last year, the company earned $0.57 earnings per share. As a group, equities analysts predict that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insider Activity

In related news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction dated 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 sale, the chief financial officer now directly owns 34,313 shares in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. 1248 Management LLC boosted its position in Microchip Technology by 101.2% in the 1st quarter. 1248 Management LLC now owns 17,561 shares of the semiconductor company's stock valued at $850,000 after buying an additional 8,832 shares during the period. eCIO Inc. bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $50,000. First Hawaiian Bank boosted its holdings in shares of Microchip Technology by 23.8% in the first quarter. First Hawaiian Bank now owns 40,909 shares of the semiconductor company's stock valued at $1,980,000 after purchasing an additional 7,856 shares during the period. Inspire Investing LLC grew its stake in Microchip Technology by 17.4% in the first quarter. Inspire Investing LLC now owns 61,632 shares of the semiconductor company's stock worth $2,984,000 after purchasing an additional 9,153 shares in the last quarter. Finally, Strs Ohio purchased a new position in Microchip Technology during the 1st quarter worth $4,115,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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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