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

Microchip Technology (NASDAQ:MCHP) had its price target dropped by stock analysts at Citigroup from $92.00 to $82.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s target price would suggest a potential upside of 10.30% from the stock’s current price.

A number of other research firms have also commented on MCHP. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday. Mizuho set a $95.00 price target on Microchip Technology in a research report on Friday, October 18th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and reduced their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Up 0.8 %

Shares of Microchip Technology stock opened at $74.34 on Wednesday. Microchip Technology has a 12-month low of $71.76 and a 12-month high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The stock has a 50 day moving average price of $77.05 and a two-hundred day moving average price of $85.12. The stock has a market capitalization of $39.88 billion, a P/E ratio of 51.99 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.54 EPS. Equities analysts expect that Microchip Technology will post 1.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Peterson Financial Group Inc. acquired a new stake in Microchip Technology during the 3rd quarter valued at $34,000. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology during the first quarter worth $39,000. Versant Capital Management Inc increased its stake in shares of Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares in the last quarter. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Microchip Technology in the first quarter valued at about $54,000. Finally, TruNorth Capital Management LLC acquired a new position in Microchip Technology during the 2nd quarter worth about $55,000. 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.