Citigroup Issues Pessimistic Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its target price decreased by research analysts at Citigroup from $65.00 to $50.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price target would suggest a potential upside of 29.17% from the stock’s current price.

Several other analysts have also weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 4th. KeyCorp decreased their price objective on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. B. Riley reissued a “buy” rating and issued a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $72.68.

Microchip Technology Stock Down 0.3 %

MCHP stock opened at $38.71 on Friday. The business’s fifty day moving average price is $52.13 and its two-hundred day moving average price is $61.03. The stock has a market capitalization of $20.82 billion, a price-to-earnings ratio of 69.13 and a beta of 1.51. Microchip Technology has a fifty-two week low of $34.13 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, equities analysts anticipate that Microchip Technology will post 1.03 earnings per share for the current year.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is currently owned by insiders.

Institutional Trading of Microchip Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology in the fourth quarter worth $26,000. Rakuten Securities Inc. lifted its stake in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Microchip Technology during the 4th quarter valued at about $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Microchip Technology in the 4th quarter worth $34,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.