Susquehanna Boosts Microchip Technology (NASDAQ:MCHP) Price Target to $105.00

Microchip Technology (NASDAQ:MCHP) had its target price hoisted by investment analysts at Susquehanna from $100.00 to $105.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s target price points to a potential upside of 11.99% from the company’s current price.

Other research analysts have also issued reports about the company. Evercore ISI initiated coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective on the stock. UBS Group lowered their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Truist Financial cut their price objective on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Thursday, January 18th. Finally, Mizuho raised their price objective on Microchip Technology from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $94.25.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $93.76 on Tuesday. The company has a market cap of $50.67 billion, a P/E ratio of 21.91, a P/E/G ratio of 2.79 and a beta of 1.60. The firm’s fifty day moving average price is $88.27 and its two-hundred day moving average price is $85.25. Microchip Technology has a one year low of $68.75 and a one year high of $94.63. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

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

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. BKM Wealth Management LLC acquired a new position in Microchip Technology in the 4th quarter valued at approximately $27,000. Rakuten Securities Inc. acquired a new stake in Microchip Technology in the fourth quarter valued at $27,000. Rise Advisors LLC bought a new position in Microchip Technology during the 1st quarter worth $28,000. Fortitude Family Office LLC acquired a new position in Microchip Technology during the 4th quarter worth about $29,000. Finally, OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the 3rd quarter valued at about $26,000. 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.