Stifel Nicolaus Increases Microchip Technology (NASDAQ:MCHP) Price Target to $98.00

Microchip Technology (NASDAQ:MCHP) had its target price hoisted by analysts at Stifel Nicolaus from $94.00 to $98.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ target price points to a potential upside of 16.20% from the stock’s previous close.

A number of other equities analysts have also weighed in on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research report on Tuesday, January 30th. Evercore ISI assumed coverage on Microchip Technology in a research report on Tuesday. They issued an “outperform” rating and a $106.00 price target for the company. Susquehanna reiterated a “positive” rating and issued a $100.00 price target on shares of Microchip Technology in a research report on Monday, April 8th. Piper Sandler lowered Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target for the company. in a research report on Thursday, January 4th. Finally, StockNews.com lowered Microchip Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 29th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

Microchip Technology Price Performance

MCHP stock traded down $0.73 during trading hours on Thursday, hitting $84.34. 1,746,783 shares of the stock traded hands, compared to its average volume of 5,481,917. The stock has a 50-day simple moving average of $86.58 and a 200 day simple moving average of $84.24. Microchip Technology has a one year low of $68.75 and a one year high of $94.30. The company has a market cap of $45.58 billion, a P/E ratio of 19.68, a P/E/G ratio of 2.62 and a beta of 1.65. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the business posted $1.48 earnings per share. The company’s quarterly revenue was down 18.6% on a year-over-year basis. Equities analysts forecast that Microchip Technology will post 4.64 earnings per share for the current year.

Insider Transactions at Microchip Technology

In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MCHP. Bleakley Financial Group LLC grew its holdings in Microchip Technology by 1.3% in the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after buying an additional 119 shares during the last quarter. Aspire Private Capital LLC grew its holdings in Microchip Technology by 3.2% in the 4th quarter. Aspire Private Capital LLC now owns 3,904 shares of the semiconductor company’s stock valued at $274,266,959,000 after buying an additional 120 shares during the last quarter. RFG Advisory LLC grew its holdings in Microchip Technology by 3.2% in the 4th quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after buying an additional 123 shares during the last quarter. Twelve Points Wealth Management LLC grew its holdings in Microchip Technology by 1.0% in the 4th quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after buying an additional 125 shares during the last quarter. Finally, Merit Financial Group LLC grew its holdings in Microchip Technology by 1.9% in the 3rd quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock valued at $554,000 after buying an additional 134 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.