Microchip Technology (NASDAQ:MCHP) Price Target Increased to $103.00 by Analysts at UBS Group

Microchip Technology (NASDAQ:MCHP) had its price objective upped by stock analysts at UBS Group from $95.00 to $103.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. UBS Group’s price target would indicate a potential upside of 11.21% from the company’s current price.

MCHP has been the subject of several other research reports. Evercore ISI began coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target for the company. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research report on Thursday, January 18th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Tuesday, January 30th. The Goldman Sachs Group raised their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Truist Financial boosted their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $96.25.

Microchip Technology Stock Down 1.2 %

Shares of MCHP stock traded down $1.14 during trading hours on Tuesday, reaching $92.62. The company had a trading volume of 2,812,510 shares, compared to its average volume of 5,590,204. The business has a fifty day simple moving average of $88.27 and a 200-day simple moving average of $85.25. Microchip Technology has a 12 month low of $68.75 and a 12 month high of $96.14. The company has a market cap of $50.05 billion, a price-to-earnings ratio of 21.66, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the firm posted $1.56 EPS. The firm’s quarterly revenue was down 40.6% compared to the same quarter last year. On average, research analysts expect that Microchip Technology will post 4.64 earnings per share for the current fiscal year.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Microchip Technology

A number of large investors have recently made changes to their positions in MCHP. Norges Bank bought a new position in shares of Microchip Technology during the fourth quarter valued at approximately $672,196,000. Mizuho Markets Americas LLC bought a new position in Microchip Technology in the 3rd quarter worth $225,800,000. Truist Financial Corp lifted its position in shares of Microchip Technology by 324.0% in the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after purchasing an additional 1,386,924 shares during the period. Van ECK Associates Corp boosted its position in Microchip Technology by 17.2% during the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after acquiring an additional 891,297 shares in the last quarter. Finally, Corient Private Wealth LLC raised its position in shares of Microchip Technology by 76.6% in the 4th quarter. Corient Private Wealth LLC now owns 2,043,484 shares of the semiconductor company’s stock worth $184,251,000 after acquiring an additional 886,068 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.