Microchip Technology (NASDAQ:MCHP) Price Target Cut to $100.00 by Analysts at Cantor Fitzgerald

Microchip Technology (NASDAQ:MCHP) had its price objective lowered by analysts at Cantor Fitzgerald from $125.00 to $100.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Cantor Fitzgerald‘s price objective indicates a potential upside of 54.20% from the stock’s current price.

Several other analysts also recently commented on MCHP. Truist Financial decreased their price objective on shares of Microchip Technology from $105.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, August 7th. BMO Capital Markets initiated coverage on shares of Microchip Technology in a report on Friday, August 21st. They issued an “outperform” rating and a $95.00 target price for the company. Wells Fargo & Company cut their price target on Microchip Technology from $88.00 to $80.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 20th. TD Cowen decreased their price target on Microchip Technology from $90.00 to $75.00 and set a “hold” rating on the stock in a report on Monday, October 19th. Finally, UBS Group reissued a “buy” rating and set a $120.00 price target (down from $130.00) on shares of Microchip Technology in a report on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $94.62.

Microchip Technology Trading Down 13.9%

Shares of NASDAQ:MCHP opened at $64.85 on Friday. The stock has a 50 day moving average of $75.19 and a 200 day moving average of $79.48. The company has a market cap of $35.21 billion, a PE ratio of 96.79, a price-to-earnings-growth ratio of 0.52 and a beta of 1.84. Microchip Technology has a 12-month low of $48.52 and a 12-month high of $105.91. The company has a current ratio of 1.92, a quick ratio of 1.11 and a debt-to-equity ratio of 0.83.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, November 5th. The semiconductor company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter last year, the business earned $0.35 EPS. The firm’s revenue was up 42.2% compared to the same quarter last year. As a group, equities research analysts expect that Microchip Technology will post 3.20 EPS for the current year.

Insider Activity at Microchip Technology

In related news, CFO James Bjornholt sold 4,112 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total transaction of $309,715.84. Following the completion of the transaction, the chief financial officer owned 28,573 shares in the company, valued at approximately $2,152,118.36. This represents a 12.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.79% of the company’s stock.

Institutional Trading of Microchip Technology

Several hedge funds have recently bought and sold shares of the stock. Eurizon Capital SGR S.p.A. raised its position in shares of Microchip Technology by 7.3% in the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 74,504 shares of the semiconductor company’s stock worth $5,797,000 after acquiring an additional 5,057 shares in the last quarter. Gagnon Securities LLC boosted its position in Microchip Technology by 1.3% during the third quarter. Gagnon Securities LLC now owns 26,577 shares of the semiconductor company’s stock valued at $2,067,000 after purchasing an additional 348 shares in the last quarter. Jacobi Capital Management LLC bought a new stake in Microchip Technology during the third quarter valued at about $103,000. First Command Advisory Services Inc. grew its stake in Microchip Technology by 413.5% in the third quarter. First Command Advisory Services Inc. now owns 4,688 shares of the semiconductor company’s stock valued at $365,000 after purchasing an additional 3,775 shares during the last quarter. Finally, Bahl & Gaynor LLC grew its stake in Microchip Technology by 35.6% in the third quarter. Bahl & Gaynor LLC now owns 16,160 shares of the semiconductor company’s stock valued at $1,257,000 after purchasing an additional 4,240 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Trending Headlines about Microchip Technology

Here are the key news stories impacting Microchip Technology this week:

• Positive Sentiment: For the quarter ended September 30, Microchip reported $0.97 per share versus analysts’ $0.94 estimate, and revenue of $1.62 billion versus $1.61 billion expected. EPS was up from $0.35 a year earlier, marking a sixth consecutive earnings beat. Article: Microchip Technology Q2 Earnings and Revenues Top Estimates
• Negative Sentiment: The company forecast December-quarter revenue ranging from a 3% decline to 1% growth, with non-GAAP EPS of $0.87–$0.95. Reports characterized the guidance as below consensus, tempering the positive impact of the quarterly beat and pointing to limited near-term momentum. Article: Microchip December-Quarter Outlook

About Microchip Technology

Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.