Truist Financial Issues Pessimistic Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its price objective reduced by equities research analysts at Truist Financial from $56.00 to $43.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "hold" rating on the semiconductor company's stock. Truist Financial's target price would indicate a potential upside of 13.16% from the stock's previous close.

A number of other equities research analysts also recently issued reports on the stock. Needham & Company LLC boosted their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the company a "buy" rating in a research note on Tuesday, March 4th. The Goldman Sachs Group lowered their price objective on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a research report on Friday, January 10th. Piper Sandler reiterated an "overweight" rating and set a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Rosenblatt Securities reiterated a "buy" rating and set a $70.00 price target on shares of Microchip Technology in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus cut their price target on Microchip Technology from $80.00 to $60.00 and set a "buy" rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.32.

Microchip Technology Price Performance

NASDAQ MCHP traded down $0.56 during mid-day trading on Monday, hitting $38.00. The stock had a trading volume of 4,360,274 shares, compared to its average volume of 8,069,372. The firm's 50 day moving average is $50.72 and its 200 day moving average is $59.49. 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 stock has a market capitalization of $20.44 billion, a price-to-earnings ratio of 67.86 and a beta of 1.51. Microchip Technology has a twelve month low of $34.13 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. Equities research analysts forecast that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents 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 this hyperlink. Company insiders own 2.10% of the company's stock.

Institutional Trading of Microchip Technology

Several institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. raised its stake in Microchip Technology by 0.5% during the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after acquiring an additional 209 shares in the last quarter. Northwest Bank & Trust Co lifted its holdings in shares of Microchip Technology by 3.0% in the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after buying an additional 217 shares during the period. Lebenthal Global Advisors LLC raised its holdings in shares of Microchip Technology by 7.3% in the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company's stock worth $223,000 after purchasing an additional 266 shares in the last quarter. State of Wyoming grew its position in Microchip Technology by 27.3% in the fourth quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock worth $75,000 after buying an additional 279 shares during the last quarter. Finally, CreativeOne Wealth LLC increased its stake in Microchip Technology by 1.0% in the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after purchasing an additional 283 shares in the last quarter. Institutional investors and hedge funds 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.

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