Microchip Technology (NASDAQ:MCHP) Price Target Raised to $71.00 at Evercore ISI

Microchip Technology (NASDAQ:MCHP) had its price objective increased by investment analysts at Evercore ISI from $65.00 to $71.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Evercore ISI’s price objective suggests a potential upside of 20.81% from the company’s current price.

Several other analysts also recently commented on MCHP. Piper Sandler reiterated an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Mizuho raised their target price on Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a research report on Tuesday. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Finally, B. Riley reiterated a “buy” rating and issued a $75.00 price target (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

Microchip Technology Trading Up 1.4 %

MCHP opened at $58.77 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. Microchip Technology has a 52 week low of $50.21 and a 52 week high of $100.57. The stock has a market cap of $31.61 billion, a PE ratio of 105.29 and a beta of 1.50. The business has a 50 day moving average of $56.94 and a 200-day moving average of $67.20.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Equities research analysts predict that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of large investors have recently bought and sold shares of MCHP. Vanguard Group Inc. raised its stake in shares of Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after acquiring an additional 569,699 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Microchip Technology by 39.3% during the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after buying an additional 3,131,807 shares during the last quarter. Invesco Ltd. lifted its holdings in Microchip Technology by 9.5% in the fourth quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock valued at $587,718,000 after acquiring an additional 890,819 shares during the period. Norges Bank acquired a new position in shares of Microchip Technology in the 4th quarter valued at $452,627,000. Finally, FIL Ltd boosted its stake in shares of Microchip Technology by 9.0% during the 4th quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock worth $451,774,000 after acquiring an additional 653,705 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

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.