Piper Sandler Reaffirms Market Perform Rating for Microchip Technology (NASDAQ:MCHP)

Microchip Technology (NASDAQ:MCHP)‘s stock had its “market perform” rating reaffirmed by analysts at Piper Sandler in a research note issued on Sunday, AnalystRatings.com reports. They presently have a $120.00 target price on the semiconductor company’s stock. Piper Sandler’s price objective indicates a potential upside of 36.66% from the stock’s current price.

A number of other equities analysts have also commented on the company. SunTrust Banks lifted their price objective on Microchip Technology from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Monday, April 13th. Citigroup cut their price objective on Microchip Technology from $121.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday, March 30th. KeyCorp cut their price objective on Microchip Technology from $120.00 to $85.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Wells Fargo & Co lowered their target price on Microchip Technology from $120.00 to $110.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Finally, JPMorgan Chase & Co. lowered their target price on Microchip Technology from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and a consensus target price of $103.66.

Shares of MCHP stock traded up $0.18 during mid-day trading on Friday, reaching $87.81. 1,815,597 shares of the stock traded hands, compared to its average volume of 2,651,865. The stock’s fifty day simple moving average is $80.87 and its two-hundred day simple moving average is $92.39. The company has a quick ratio of 0.94, a current ratio of 1.35 and a debt-to-equity ratio of 1.59. The company has a market cap of $21.03 billion, a price-to-earnings ratio of 39.55, a price-to-earnings-growth ratio of 1.21 and a beta of 1.60. Microchip Technology has a 1-year low of $53.15 and a 1-year high of $112.47.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, May 7th. The semiconductor company reported $1.46 EPS for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.11. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.32 billion. Microchip Technology had a return on equity of 23.63% and a net margin of 10.82%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.48 earnings per share. On average, equities research analysts anticipate that Microchip Technology will post 5 EPS for the current fiscal year.

In related news, CFO James Eric Bjornholt sold 1,799 shares of Microchip Technology stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $101.00, for a total transaction of $181,699.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Richard J. Simoncic sold 4,091 shares of Microchip Technology stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $101.00, for a total value of $413,191.00. Following the transaction, the vice president now directly owns 18,624 shares in the company, valued at approximately $1,881,024. The disclosure for this sale can be found here. 2.21% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of MCHP. Norges Bank purchased a new position in Microchip Technology in the fourth quarter worth $213,432,000. Janus Henderson Group PLC boosted its position in Microchip Technology by 9.6% in the first quarter. Janus Henderson Group PLC now owns 14,250,012 shares of the semiconductor company’s stock worth $966,145,000 after purchasing an additional 1,244,503 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in Microchip Technology by 51.5% in the fourth quarter. Pictet Asset Management Ltd. now owns 2,463,704 shares of the semiconductor company’s stock worth $257,999,000 after purchasing an additional 837,126 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Microchip Technology by 86.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,699,307 shares of the semiconductor company’s stock worth $115,213,000 after purchasing an additional 789,089 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in Microchip Technology by 33.4% in the fourth quarter. Point72 Asset Management L.P. now owns 1,864,340 shares of the semiconductor company’s stock worth $195,234,000 after purchasing an additional 466,872 shares during the last quarter.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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