Evercore ISI Issues Positive Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its target price increased by equities researchers at Evercore ISI from $65.00 to $71.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the semiconductor company's stock. Evercore ISI's target price points to a potential upside of 19.05% from the company's previous close.

A number of other brokerages have also recently commented on MCHP. Raymond James restated a "strong-buy" rating and set a $60.00 price target (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. StockNews.com lowered Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Rosenblatt Securities restated a "buy" rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday. Jefferies Financial Group decreased their price target on Microchip Technology from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. 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 company's stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.37.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $1.50 during mid-day trading on Tuesday, reaching $59.64. The company had a trading volume of 8,303,148 shares, compared to its average volume of 9,989,396. Microchip Technology has a one year low of $50.21 and a one year high of $100.57. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The company's 50-day moving average price is $56.93 and its 200-day moving average price is $67.04. The firm has a market cap of $32.08 billion, a price-to-earnings ratio of 106.50 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP - Get Free Report) 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 net margin of 6.49% and a return on equity of 12.62%. As a group, equities research analysts anticipate that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now directly owns 33,272 shares of the company's stock, 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 SEC, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MCHP. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. bought a new stake in Microchip Technology in the third quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the third quarter valued at approximately $34,000. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology in the fourth quarter worth approximately $26,000. Finally, Rakuten Securities Inc. increased its stake in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

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.