Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $95.00 at KeyCorp

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price target dropped by equities researchers at KeyCorp from $100.00 to $95.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the semiconductor company's stock. KeyCorp's price target would suggest a potential upside of 28.81% from the company's current price.

Several other equities analysts also recently commented on MCHP. Truist Financial downgraded shares of Microchip Technology from a "buy" rating to a "hold" rating and cut their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. JPMorgan Chase & Co. decreased their price target on shares of Microchip Technology from $110.00 to $100.00 and set an "overweight" rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC reduced their price target on shares of Microchip Technology from $96.00 to $85.00 and set a "buy" rating on the stock in a research note on Wednesday. Citigroup lowered their price target on shares of Microchip Technology from $104.00 to $92.00 and set a "buy" rating for the company in a report on Friday, August 2nd. Finally, Bank of America cut shares of Microchip Technology from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $92.00.

Microchip Technology Stock Performance

NASDAQ:MCHP traded down $1.34 during trading hours on Wednesday, reaching $73.75. The company had a trading volume of 11,331,622 shares, compared to its average volume of 5,960,178. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology has a 52 week low of $71.76 and a 52 week high of $100.57. The firm has a market cap of $39.57 billion, a price-to-earnings ratio of 29.47 and a beta of 1.53. The firm's 50 day moving average price is $77.17 and its 200-day moving average price is $85.20.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company's stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Empowered Funds LLC boosted its holdings in Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company's stock worth $7,721,000 after buying an additional 19,663 shares during the last quarter. Empirical Finance LLC lifted its position in shares of Microchip Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 18,650 shares of the semiconductor company's stock valued at $1,497,000 after acquiring an additional 384 shares during the period. CIBC Asset Management Inc lifted its position in shares of Microchip Technology by 63.7% during the 3rd quarter. CIBC Asset Management Inc now owns 260,683 shares of the semiconductor company's stock worth $20,930,000 after buying an additional 101,453 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in shares of Microchip Technology by 6.7% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,458 shares of the semiconductor company's stock worth $358,000 after buying an additional 280 shares during the last quarter. Finally, Lifeworks Advisors LLC lifted its position in shares of Microchip Technology by 35.0% during the 3rd quarter. Lifeworks Advisors LLC now owns 20,638 shares of the semiconductor company's stock worth $1,657,000 after buying an additional 5,350 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.