TD Cowen Issues Positive Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price target hoisted by investment analysts at TD Cowen from $50.00 to $60.00 in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm currently has a "hold" rating on the semiconductor company's stock. TD Cowen's price target would suggest a potential upside of 0.60% from the stock's current price.

Several other research analysts also recently commented on the company. Stifel Nicolaus cut their target price on Microchip Technology from $90.00 to $87.00 and set a "buy" rating on the stock in a report on Tuesday, December 3rd. B. Riley reaffirmed a "buy" rating and issued a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Bank of America lowered shares of Microchip Technology from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $80.00 to $65.00 in a report on Monday, December 16th. Evercore ISI reissued an "outperform" rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, Needham & Company LLC raised their target price on Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Microchip Technology currently has an average rating of "Moderate Buy" and a consensus price target of $74.37.

Microchip Technology Trading Up 2.6 %

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

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, equities analysts predict that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the company's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the 4th quarter worth $26,000. Rakuten Securities Inc. increased its holdings in Microchip Technology by 309.5% during 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 last quarter. Prospera Private Wealth LLC bought a new stake in Microchip Technology in the third quarter worth about $29,000. OFI Invest Asset Management purchased a new position in Microchip Technology in the fourth quarter valued at about $29,000. Finally, Financial Life Planners bought a new position in shares of Microchip Technology during the 4th quarter valued at approximately $32,000. 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.