Microchip Technology (NASDAQ:MCHP) Stock Price Target Cut by JPMorgan Chase & Co.

Microchip Technology (NASDAQ:MCHP) had its price target reduced by equities researchers at JPMorgan Chase & Co. from $120.00 to $100.00 in a report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 71.38% from the stock’s previous close.

A number of other equities analysts have also weighed in on the company. Susquehanna decreased their target price on Microchip Technology from $120.00 to $100.00 and set a “positive” rating on the stock in a research note on Friday. Wall Street Zen cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Saturday. BMO Capital Markets initiated coverage on Microchip Technology in a research report on Friday, August 21st. They set an “outperform” rating and a $95.00 price target for the company. Truist Financial dropped their price target on Microchip Technology from $90.00 to $62.00 and set a “hold” rating for the company in a research report on Friday. Finally, Jefferies Financial Group cut their price objective on Microchip Technology from $100.00 to $85.00 and set a “buy” rating for the company in a report on Friday. Three analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $90.73.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $58.35 on Friday. The firm has a fifty day moving average price of $74.85 and a two-hundred day moving average price of $79.41. The company has a market cap of $31.68 billion, a price-to-earnings ratio of 44.20, a PEG ratio of 0.40 and a beta of 1.84. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.24 and a quick ratio of 1.33. Microchip Technology has a one year low of $48.52 and a one year high of $105.91.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, November 5th. The semiconductor company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.03. Microchip Technology had a net margin of 14.96% and a return on equity of 20.32%. The firm had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the firm posted $0.35 earnings per share. The business’s quarterly revenue was up 42.2% on a year-over-year basis. Analysts anticipate that Microchip Technology will post 3.20 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Microchip Technology

A number of large investors have recently modified their holdings of the company. TOP Private Wealth LLC. purchased a new position in Microchip Technology during the second quarter valued at $29,000. GK Wealth Management LLC purchased a new stake in Microchip Technology in the third quarter worth about $29,000. Continuum Advisory LLC purchased a new stake in Microchip Technology in the second quarter worth about $30,000. Johnson Financial Group Inc. purchased a new stake in Microchip Technology in the second quarter worth about $31,000. Finally, Rakuten Securities Inc. bought a new position in shares of Microchip Technology in the second quarter worth about $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

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