Microchip Technology (NASDAQ:MCHP) Given New $70.00 Price Target at TD Cowen

Microchip Technology (NASDAQ:MCHP) had its price target lowered by equities research analysts at TD Cowen from $80.00 to $70.00 in a report released on Wednesday, Marketbeat.com reports. The firm presently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s price objective suggests a potential downside of 5.84% from the stock’s current price.

A number of other research analysts have also issued reports on MCHP. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. B. Riley decreased their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research report on Wednesday, July 31st. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Finally, Citigroup decreased their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $74.34 on Wednesday. The business’s 50-day moving average price is $77.05 and its 200 day moving average price is $85.12. The firm has a market cap of $39.88 billion, a P/E ratio of 51.99 and a beta of 1.53. Microchip Technology has a 52-week low of $71.76 and a 52-week 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.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.54 earnings per share. As a group, sell-side analysts predict that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

Several institutional investors have recently made changes to their positions in MCHP. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology in the 3rd quarter valued at approximately $34,000. Pathway Financial Advisers LLC bought a new position in shares of Microchip Technology in the 1st quarter valued at approximately $39,000. Versant Capital Management Inc raised its stake in shares of Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares in the last quarter. Wolff Wiese Magana LLC raised its stake in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. bought a new position in shares of Microchip Technology in the 1st quarter valued at approximately $54,000. 91.51% of the stock is currently 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.