KeyCorp Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $90.00

Microchip Technology (NASDAQ:MCHP) had its target price lowered by analysts at KeyCorp from $95.00 to $90.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price objective would indicate a potential upside of 31.81% from the stock’s current price.

Other analysts also recently issued reports about the company. Jefferies Financial Group cut their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Citigroup lowered their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Stifel Nicolaus cut their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Mizuho set a $95.00 price objective on shares of Microchip Technology in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the 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 Price Performance

Shares of MCHP stock traded down $2.03 during trading hours on Tuesday, reaching $68.28. The company had a trading volume of 652,012 shares, compared to its average volume of 6,053,782. Microchip Technology has a 12-month low of $62.63 and a 12-month high of $100.57. The company has a market capitalization of $36.67 billion, a price-to-earnings ratio of 47.75 and a beta of 1.50. The stock has a fifty day moving average of $73.57 and a 200-day moving average of $82.08. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

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

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds have recently modified their holdings of the business. Prospera Private Wealth LLC acquired a new stake in Microchip Technology during the 3rd quarter worth approximately $29,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology in the 3rd quarter valued at $34,000. Truvestments Capital LLC purchased a new position in Microchip Technology during the third quarter worth about $34,000. TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology in the 2nd quarter valued at approximately $55,000. Finally, Wolff Wiese Magana LLC lifted its stake in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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.