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

Microchip Technology (NASDAQ:MCHP) had its price target dropped by equities research analysts at Citigroup from $92.00 to $82.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price objective points to a potential upside of 10.30% from the company’s current price.

A number of other equities analysts have also recently issued reports on MCHP. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price objective for the company from $89.00 to $80.00 in a research note on Monday, September 23rd. KeyCorp reduced their price target on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. B. Riley reduced their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, TD Cowen lowered their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Trading Up 0.8 %

MCHP stock opened at $74.34 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. Microchip Technology has a twelve month low of $71.76 and a twelve month high of $100.57. 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 has a fifty day moving average of $77.05 and a 200-day moving average of $85.12.

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

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Microchip Technology

Institutional investors have recently made changes to their positions in the business. SeaCrest Wealth Management LLC raised its holdings in Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after acquiring an additional 131 shares in the last quarter. Corundum Group Inc. raised its stake in shares of Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its holdings in shares of Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after buying an additional 148 shares during the last quarter. Busey Bank grew its stake in shares of Microchip Technology by 2.6% in the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after buying an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management increased its holdings in Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after buying an additional 158 shares during the last quarter. 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.