Needham & Company LLC Has Lowered Expectations for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its price objective cut by investment analysts at Needham & Company LLC from $96.00 to $85.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price points to a potential upside of 14.34% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Citigroup cut their price target on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Wednesday, July 31st. Finally, Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Up 0.8 %

Shares of MCHP opened at $74.34 on Wednesday. The company’s 50-day simple moving average is $77.05 and its 200-day simple moving average is $85.12. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology has a 1 year low of $71.76 and a 1 year high of $100.57. The stock has a market capitalization of $39.88 billion, a PE ratio of 51.99 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm’s revenue was down 48.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.54 EPS. Analysts forecast that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Insider Transactions at Microchip Technology

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

Hedge Funds Weigh In On Microchip Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pinnacle Associates Ltd. boosted its stake in shares of Microchip Technology by 50.0% in the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after buying an additional 35,213 shares in the last quarter. Swedbank AB acquired a new position in shares of Microchip Technology during the 1st quarter worth $1,079,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Microchip Technology by 12.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after purchasing an additional 93,464 shares in the last quarter. SageView Advisory Group LLC lifted its stake in shares of Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new stake in Microchip Technology during the second quarter worth about $42,538,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Company Profile

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.