Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective decreased by equities research analysts at Piper Sandler from $100.00 to $85.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the semiconductor company's stock. Piper Sandler's price target would suggest a potential upside of 15.25% from the company's previous close.
Several other equities research analysts have also recently weighed in on the company. Citigroup decreased their price target on Microchip Technology from $104.00 to $92.00 and set a "buy" rating for the company in a research note on Friday, August 2nd. Mizuho set a $95.00 price target on Microchip Technology in a research note on Friday, October 18th. Needham & Company LLC decreased their target price on Microchip Technology from $96.00 to $85.00 and set a "buy" rating for the company in a research note on Wednesday. Morgan Stanley cut Microchip Technology from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $102.00 to $100.00 in a research note on Thursday, July 11th. Finally, Bank of America lowered Microchip Technology from a "buy" rating to a "neutral" rating and dropped their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $92.00.
Check Out Our Latest Stock Analysis on MCHP
Microchip Technology Trading Down 1.8 %
Microchip Technology stock traded down $1.34 during trading hours on Wednesday, hitting $73.75. The stock had a trading volume of 11,331,622 shares, compared to its average volume of 5,960,178. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The stock has a market cap of $39.57 billion, a price-to-earnings ratio of 29.47 and a beta of 1.53. Microchip Technology has a one year low of $71.76 and a one year high of $100.57. The business's 50 day simple moving average is $77.17 and its 200-day simple moving average is $85.20.
Insider Buying and Selling
In related news, CFO James Eric Bjornholt sold 2,154 shares of the business's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.10% of the stock is owned by company insiders.
Hedge Funds Weigh In On Microchip Technology
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the first quarter worth about $39,000. Versant Capital Management Inc lifted its stake in Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 317 shares during the last quarter. CarsonAllaria Wealth Management Ltd. bought a new stake in Microchip Technology during the first quarter worth about $54,000. TruNorth Capital Management LLC bought a new stake in Microchip Technology during the second quarter worth about $55,000. Finally, Wolff Wiese Magana LLC lifted its stake in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock worth $49,000 after purchasing an additional 218 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.
Microchip Technology Company Profile
(
Get Free Report)
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.
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