Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $92.00 at Citigroup

Microchip Technology (NASDAQ:MCHP) had its price objective cut by equities research analysts at Citigroup from $104.00 to $92.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Citigroup’s price objective suggests a potential upside of 17.56% from the company’s current price.

A number of other equities research analysts have also recently weighed in on MCHP. Stifel Nicolaus increased their price target on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $110.00 to $90.00 in a research report on Friday. B. Riley upped their target price on Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $99.15.

Microchip Technology Stock Performance

Shares of MCHP traded down $6.11 during midday trading on Friday, reaching $78.26. The stock had a trading volume of 8,275,604 shares, compared to its average volume of 5,883,582. The firm has a 50 day simple moving average of $92.11 and a 200-day simple moving average of $89.46. Microchip Technology has a one year low of $68.75 and a one year high of $100.57. The firm has a market cap of $41.99 billion, a PE ratio of 22.55 and a beta of 1.54. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. During the same period last year, the business posted $1.56 EPS. As a group, sell-side analysts anticipate that Microchip Technology will post 2.35 EPS for the current year.

Insider Buying and Selling

In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the transaction, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock worth $2,251,857 in the last ninety days. 2.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Microchip Technology by 0.9% during the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after acquiring an additional 87,203 shares during the last quarter. Boston Partners increased its position in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after acquiring an additional 736,818 shares during the period. Norges Bank bought a new position in shares of Microchip Technology during the fourth quarter valued at $672,196,000. Finally, Van ECK Associates Corp raised its stake in shares of Microchip Technology by 4.9% during the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock valued at $582,301,000 after acquiring an additional 295,626 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.