UBS Group Has Lowered Expectations for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective dropped by equities researchers at UBS Group from $70.00 to $55.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. UBS Group's target price would suggest a potential upside of 18.71% from the stock's current price.

A number of other equities analysts also recently weighed in on the company. Piper Sandler restated an "overweight" rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Morgan Stanley reduced their price objective on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. StockNews.com lowered shares of Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Stifel Nicolaus decreased their price target on Microchip Technology from $80.00 to $60.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Finally, TD Cowen boosted their price objective on Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Microchip Technology presently has an average rating of "Moderate Buy" and a consensus price target of $66.79.

Microchip Technology Stock Performance

NASDAQ MCHP traded down $0.68 during trading hours on Tuesday, hitting $46.33. 1,772,033 shares of the stock were exchanged, compared to its average volume of 8,205,171. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology has a 12-month low of $34.13 and a 12-month high of $100.57. The company has a market cap of $24.92 billion, a price-to-earnings ratio of 82.93 and a beta of 1.51. The stock has a 50-day moving average of $49.15 and a 200 day moving average of $58.07.

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 the consensus estimate 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 earnings per share for the current year.

Insider Activity

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On Microchip Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mainstream Capital Management LLC bought a new position in Microchip Technology in the 4th quarter valued at approximately $26,000. Rakuten Securities Inc. grew its stake in shares of Microchip Technology by 309.5% in the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new position in Microchip Technology during the fourth quarter valued at $29,000. Garde Capital Inc. bought a new position in shares of Microchip Technology in the 1st quarter valued at about $30,000. Finally, Financial Life Planners purchased a new position in shares of Microchip Technology during the fourth quarter valued at $32,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Company Profile

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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