Microchip Technology (NASDAQ:MCHP) Price Target Cut to $60.00 by Analysts at Needham & Company LLC

Microchip Technology (NASDAQ:MCHP) had its price target lowered by investment analysts at Needham & Company LLC from $85.00 to $60.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price indicates a potential upside of 12.97% from the company’s current price.

Several other brokerages have also issued reports on MCHP. The Goldman Sachs Group lowered their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Jefferies Financial Group lowered their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. KeyCorp lowered their price target on Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 14th. Piper Sandler lowered their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Finally, StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $80.28.

Microchip Technology Trading Down 0.7 %

Microchip Technology stock opened at $53.11 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The business’s 50-day simple moving average is $58.34 and its 200-day simple moving average is $70.38. The firm has a market capitalization of $28.52 billion, a PE ratio of 37.14 and a beta of 1.50. Microchip Technology has a 52 week low of $51.37 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Equities research analysts forecast that Microchip Technology will post 1.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its stake in shares of Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after purchasing an additional 3,131,807 shares during the period. Franklin Resources Inc. lifted its stake in shares of Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Microchip Technology by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,143,769 shares of the semiconductor company’s stock valued at $180,295,000 after purchasing an additional 116,823 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after purchasing an additional 2,829,082 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Microchip Technology by 20.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock valued at $220,957,000 after purchasing an additional 460,697 shares during the period. Institutional investors and hedge funds 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.