Bank of America Issues Positive Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its target price increased by investment analysts at Bank of America from $67.00 to $72.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Bank of America‘s price target would indicate a potential upside of 11.25% from the company’s previous close.

A number of other research firms have also recently weighed in on MCHP. Needham & Company LLC raised their price target on Microchip Technology from $73.00 to $75.00 and gave the company a “buy” rating in a report on Thursday. Rosenblatt Securities restated a “buy” rating and set a $80.00 target price on shares of Microchip Technology in a report on Wednesday. TD Cowen lowered their target price on Microchip Technology from $65.00 to $60.00 and set a “hold” rating for the company in a research note on Friday, November 7th. Stifel Nicolaus cut their price target on Microchip Technology from $82.00 to $75.00 and set a “buy” rating for the company in a report on Friday, November 7th. Finally, Morgan Stanley upped their price target on shares of Microchip Technology from $63.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $74.95.

Microchip Technology Trading Up 1.7%

Shares of MCHP stock opened at $64.72 on Friday. The company has a market capitalization of $34.98 billion, a P/E ratio of -143.82, a P/E/G ratio of 2.23 and a beta of 1.47. Microchip Technology has a 12-month low of $34.13 and a 12-month high of $77.20. The company has a quick ratio of 1.20, a current ratio of 2.25 and a debt-to-equity ratio of 0.80. The firm has a 50-day moving average price of $60.13 and a 200 day moving average price of $64.53.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, November 6th. The semiconductor company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Microchip Technology had a negative net margin of 4.39% and a positive return on equity of 5.21%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the business posted $0.46 earnings per share. The company’s revenue was down 2.0% on a year-over-year basis. Microchip Technology has set its Q3 2026 guidance at 0.340-0.400 EPS. Research analysts forecast that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 4,292 shares of Microchip Technology stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $50.39, for a total transaction of $216,273.88. Following the completion of the sale, the chief financial officer owned 30,089 shares of the company’s stock, valued at approximately $1,516,184.71. The trade was a 12.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.94% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MCHP. Allworth Financial LP lifted its stake in Microchip Technology by 3.0% in the third quarter. Allworth Financial LP now owns 8,058 shares of the semiconductor company’s stock valued at $517,000 after buying an additional 237 shares during the period. IFP Advisors Inc increased its stake in shares of Microchip Technology by 294.4% in the 3rd quarter. IFP Advisors Inc now owns 1,128 shares of the semiconductor company’s stock valued at $72,000 after acquiring an additional 842 shares during the last quarter. Groupama Asset Managment bought a new stake in shares of Microchip Technology in the 3rd quarter valued at about $338,000. CIBC Private Wealth Group LLC raised its position in shares of Microchip Technology by 18.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,470,059 shares of the semiconductor company’s stock valued at $94,407,000 after acquiring an additional 226,078 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at approximately $6,051,000. 91.51% of the stock is currently owned by institutional investors.

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.