Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $87.00 at Stifel Nicolaus

Microchip Technology (NASDAQ:MCHP) had its price target lowered by stock analysts at Stifel Nicolaus from $90.00 to $87.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Stifel Nicolaus’ price objective points to a potential upside of 41.14% from the stock’s current price.

MCHP has been the subject of several other reports. Susquehanna lowered their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and lowered their target price for the company from $89.00 to $80.00 in a report on Monday, September 23rd. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Piper Sandler lowered their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Finally, Jefferies Financial Group lowered their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $90.95.

Microchip Technology Trading Down 5.7 %

Shares of NASDAQ MCHP opened at $61.64 on Tuesday. The stock’s 50 day moving average price is $73.04 and its two-hundred day moving average price is $81.73. Microchip Technology has a 52-week low of $61.07 and a 52-week high of $100.57. The stock has a market capitalization of $33.10 billion, a P/E ratio of 43.11 and a beta of 1.50. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm posted $1.54 earnings per share. Microchip Technology’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, analysts anticipate that Microchip Technology will post 1.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its stake in Microchip Technology by 30.2% during 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 in the last quarter. Synovus Financial Corp boosted its stake in Microchip Technology by 9.6% during the 3rd quarter. Synovus Financial Corp now owns 70,644 shares of the semiconductor company’s stock valued at $5,672,000 after purchasing an additional 6,191 shares in the last quarter. Tidal Investments LLC boosted its stake in Microchip Technology by 3.2% during the 3rd quarter. Tidal Investments LLC now owns 36,267 shares of the semiconductor company’s stock valued at $2,912,000 after purchasing an additional 1,108 shares in the last quarter. Wilmington Savings Fund Society FSB boosted its stake in Microchip Technology by 16.6% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company’s stock valued at $4,849,000 after purchasing an additional 8,592 shares in the last quarter. Finally, Arvest Bank Trust Division acquired a new stake in shares of Microchip Technology during the 3rd quarter valued at $223,000. 91.51% of the stock is owned by institutional investors.

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.