Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $90.00 at Jefferies Financial Group

Microchip Technology (NASDAQ:MCHP) had its price objective decreased by Jefferies Financial Group from $100.00 to $90.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Jefferies Financial Group’s price target indicates a potential upside of 22.17% from the stock’s previous close.

Several other equities analysts have also recently issued reports on MCHP. KeyCorp lowered their target price on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday. Susquehanna lowered their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Piper Sandler lowered their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Down 1.9 %

MCHP stock traded down $1.42 during trading on Wednesday, hitting $73.67. 5,316,132 shares of the stock traded hands, compared to its average volume of 5,932,199. Microchip Technology has a 1 year low of $71.76 and a 1 year high of $100.57. The firm’s 50 day moving average is $77.17 and its two-hundred day moving average is $85.20. The stock has a market cap of $39.52 billion, a price-to-earnings ratio of 29.47 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Swedbank AB purchased a new position in Microchip Technology during the first quarter worth $1,079,000. Pinnacle Associates Ltd. lifted its position in shares of Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after purchasing an additional 35,213 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Microchip Technology by 12.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after purchasing an additional 93,464 shares during the last quarter. SageView Advisory Group LLC lifted its position in shares of Microchip Technology by 507.5% during the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new stake in shares of Microchip Technology during the second quarter worth $42,538,000. 91.51% of the stock is owned by hedge funds and other 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.