Jefferies Financial Group Issues Pessimistic Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its price objective reduced by stock analysts at Jefferies Financial Group from $100.00 to $90.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Jefferies Financial Group’s price objective suggests a potential upside of 21.07% from the company’s previous close.

Several other research analysts have also recently commented on the company. TD Cowen reduced their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a report on Wednesday. Needham & Company LLC lowered their target price on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday. Citigroup dropped their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Piper Sandler decreased their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $74.34 on Wednesday. Microchip Technology has a 12 month low of $71.76 and a 12 month high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The company has a market cap of $39.88 billion, a P/E ratio of 51.99 and a beta of 1.53. The business’s 50 day moving average is $77.05 and its two-hundred day moving average is $85.12.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.54 earnings per share. On average, equities analysts expect that Microchip Technology will post 1.73 EPS for the current year.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MCHP. Princeton Capital Management LLC boosted its stake in shares of Microchip Technology by 2.8% in the 3rd quarter. Princeton Capital Management LLC now owns 28,518 shares of the semiconductor company’s stock valued at $2,290,000 after purchasing an additional 786 shares during the last quarter. Prospera Financial Services Inc boosted its stake in Microchip Technology by 21.3% in the third quarter. Prospera Financial Services Inc now owns 63,522 shares of the semiconductor company’s stock valued at $5,100,000 after acquiring an additional 11,161 shares during the last quarter. Quest Partners LLC grew its holdings in Microchip Technology by 463,300.0% during the 3rd quarter. Quest Partners LLC now owns 4,634 shares of the semiconductor company’s stock worth $372,000 after acquiring an additional 4,633 shares during the period. TrinityPoint Wealth LLC grew its holdings in Microchip Technology by 6.6% during the 3rd quarter. TrinityPoint Wealth LLC now owns 4,883 shares of the semiconductor company’s stock worth $392,000 after acquiring an additional 303 shares during the period. Finally, Glass Wealth Management Co LLC raised its position in shares of Microchip Technology by 10.5% during the 3rd quarter. Glass Wealth Management Co LLC now owns 27,012 shares of the semiconductor company’s stock valued at $2,169,000 after acquiring an additional 2,575 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.