Needham & Company LLC Increases Microchip Technology (NASDAQ:MCHP) Price Target to $66.00

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective raised by analysts at Needham & Company LLC from $60.00 to $66.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's target price suggests a potential upside of 10.66% from the stock's previous close.

A number of other research firms have also recently commented on MCHP. The Goldman Sachs Group dropped their price target on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research report on Friday, January 10th. Citigroup reduced their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Morgan Stanley cut their price target 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. TD Cowen cut their target price on Microchip Technology from $80.00 to $70.00 and set a "hold" rating on the stock in a research note on Wednesday, November 6th. Finally, Evercore ISI reissued an "outperform" rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $74.37.

Microchip Technology Trading Up 2.6 %

MCHP traded up $1.50 during midday trading on Tuesday, reaching $59.64. 8,303,148 shares of the company's stock traded hands, compared to its average volume of 9,989,396. Microchip Technology has a 52 week low of $50.21 and a 52 week high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm has a fifty day moving average of $56.93 and a two-hundred day moving average of $67.04. The stock has a market capitalization 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 quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate 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 anticipate 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 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 in the company, valued at $2,025,599.36. This represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Several hedge funds have recently modified their holdings of MCHP. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the 4th quarter valued at $26,000. Rakuten Securities Inc. grew its position in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Microchip Technology in the third quarter worth about $29,000. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology in the fourth quarter worth about $29,000. Finally, Financial Life Planners bought a new position in Microchip Technology during the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 91.51% of the company's stock.

About Microchip Technology

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.