Citigroup Has Lowered Expectations for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its price target cut by equities research analysts at Citigroup from $65.00 to $50.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Citigroup’s target price would suggest a potential upside of 29.17% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on MCHP. Needham & Company LLC raised their target price on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. B. Riley reissued a “buy” rating and issued a $75.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. TD Cowen boosted their price objective on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research report on Tuesday, March 4th. The Goldman Sachs Group dropped their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Finally, Mizuho raised their price target on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.68.

Microchip Technology Price Performance

MCHP stock opened at $38.71 on Friday. The firm has a 50 day moving average price of $52.13 and a 200-day moving average price of $61.03. The firm has a market capitalization of $20.82 billion, a price-to-earnings ratio of 69.13 and a beta of 1.51. Microchip Technology has a 52-week low of $34.13 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

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

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by company insiders.

Institutional Trading of Microchip Technology

A number of hedge funds have recently bought and sold shares of MCHP. Coldstream Capital Management Inc. lifted its holdings in shares of Microchip Technology by 2.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock valued at $878,000 after purchasing an additional 260 shares during the last quarter. Virtu Financial LLC purchased a new position in Microchip Technology during the third quarter valued at approximately $491,000. Stock Yards Bank & Trust Co. lifted its stake in shares of Microchip Technology by 3.3% in the 3rd quarter. Stock Yards Bank & Trust Co. now owns 11,517 shares of the semiconductor company’s stock valued at $925,000 after purchasing an additional 368 shares during the period. World Investment Advisors LLC boosted its stake in shares of Microchip Technology by 11.7% during the 3rd quarter. World Investment Advisors LLC now owns 42,882 shares of the semiconductor company’s stock worth $3,443,000 after acquiring an additional 4,477 shares in the last quarter. Finally, Arvest Bank Trust Division purchased a new position in Microchip Technology during the third quarter worth approximately $223,000. Hedge funds and other 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.