Piper Sandler Reaffirms “Neutral” Rating for Microchip Technology (NASDAQ:MCHP)

Microchip Technology (NASDAQ:MCHP)‘s stock had its “neutral” rating reaffirmed by research analysts at Piper Sandler in a report issued on Tuesday, Benzinga reports. They currently have a $90.00 price target on the semiconductor company’s stock, up from their previous price target of $80.00. Piper Sandler’s target price would indicate a potential downside of 2.16% from the stock’s current price.

Several other brokerages have also issued reports on MCHP. Mizuho lifted their target price on shares of Microchip Technology from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Tuesday. Truist Financial increased their target price on Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a report on Tuesday. Evercore ISI assumed coverage on shares of Microchip Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price for the company. The Goldman Sachs Group raised their price target on shares of Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Stifel Nicolaus boosted their target price on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $98.47.

Microchip Technology Trading Down 0.1 %

Shares of Microchip Technology stock opened at $91.99 on Tuesday. The firm has a 50-day simple moving average of $88.45 and a two-hundred day simple moving average of $85.37. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $96.14. The company has a market cap of $49.71 billion, a P/E ratio of 21.49, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new position in shares of Microchip Technology in the 3rd quarter valued at $26,000. BKM Wealth Management LLC purchased a new position in shares of Microchip Technology during the fourth quarter worth about $27,000. Rakuten Securities Inc. acquired a new position in Microchip Technology in the 4th quarter valued at about $27,000. Rise Advisors LLC purchased a new stake in Microchip Technology during the 1st quarter valued at approximately $28,000. Finally, Fortitude Family Office LLC acquired a new stake in Microchip Technology during the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.