Microchip Technology (NASDAQ:MCHP) Price Target Raised to $60.00 at TD Cowen

Microchip Technology (NASDAQ:MCHP) had its price objective lifted by TD Cowen from $50.00 to $60.00 in a research note issued on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s target price points to a potential upside of 3.54% from the company’s current price.

A number of other research firms also recently weighed in on MCHP. Morgan Stanley reduced their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Needham & Company LLC raised their price objective on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday. B. Riley reiterated a “buy” rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, Susquehanna decreased their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Two 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 stock. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $75.63.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $57.95 on Tuesday. The company has a market capitalization of $31.17 billion, a P/E ratio of 103.48 and a beta of 1.50. The business’s 50-day moving average is $56.94 and its 200 day moving average is $67.20. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology has a 12 month low of $50.21 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted 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%. On average, equities research analysts forecast that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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

Institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC boosted its stake in Microchip Technology by 1.2% in the third quarter. Janney Montgomery Scott LLC now owns 94,647 shares of the semiconductor company’s stock valued at $7,599,000 after acquiring an additional 1,138 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in Microchip Technology by 2.6% during the 3rd quarter. Asset Management One Co. Ltd. now owns 206,360 shares of the semiconductor company’s stock worth $16,569,000 after buying an additional 5,152 shares during the last quarter. Catalyst Capital Advisors LLC increased its position in Microchip Technology by 48.5% during the 3rd quarter. Catalyst Capital Advisors LLC now owns 768 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 251 shares in the last quarter. Sentry Investment Management LLC purchased a new stake in Microchip Technology in the third quarter valued at about $208,000. Finally, Fiduciary Family Office LLC boosted its holdings in Microchip Technology by 17.9% in the third quarter. Fiduciary Family Office LLC now owns 10,810 shares of the semiconductor company’s stock worth $868,000 after acquiring an additional 1,641 shares in the last quarter. 91.51% of the stock is currently owned by 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.