Microchip Technology (NASDAQ:MCHP) Price Target Cut to $100.00 by Analysts at Cantor Fitzgerald

Microchip Technology (NASDAQ:MCHP) had its target price reduced by Cantor Fitzgerald from $125.00 to $100.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Cantor Fitzgerald‘s price objective indicates a potential upside of 54.20% from the company’s current price.

Other analysts have also issued research reports about the company. B. Riley Financial decreased their price objective on Microchip Technology from $108.00 to $98.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Truist Financial dropped their target price on Microchip Technology from $105.00 to $90.00 and set a “hold” rating on the stock in a research note on Friday, August 7th. TD Cowen reduced their target price on Microchip Technology from $90.00 to $75.00 and set a “hold” rating on the stock in a research report on Monday, October 19th. Zacks Research cut Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $120.00 price target on shares of Microchip Technology in a research note on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $94.62.

Microchip Technology Trading Down 13.9%

NASDAQ:MCHP opened at $64.85 on Friday. The stock has a market capitalization of $35.21 billion, a price-to-earnings ratio of 96.79, a PEG ratio of 0.52 and a beta of 1.84. Microchip Technology has a 52 week low of $48.52 and a 52 week high of $105.91. The company has a quick ratio of 1.11, a current ratio of 1.92 and a debt-to-equity ratio of 0.83. The firm has a 50 day moving average of $75.19 and a 200 day moving average of $79.48.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, November 5th. The semiconductor company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.03. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The business had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same period in the previous year, the company earned $0.35 earnings per share. The business’s revenue for the quarter was up 42.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Microchip Technology will post 3.20 earnings per share for the current fiscal year.

Insider Activity at Microchip Technology

In other news, CFO James Bjornholt sold 4,112 shares of Microchip Technology stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total transaction of $309,715.84. Following the completion of the sale, the chief financial officer directly owned 28,573 shares in the company, valued at approximately $2,152,118.36. The trade was a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.79% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Microchip Technology by 2.9% in the second quarter. State Street Corp now owns 28,851,673 shares of the semiconductor company’s stock valued at $2,631,273,000 after purchasing an additional 821,147 shares during the period. Van ECK Associates Corp raised its stake in shares of Microchip Technology by 18.3% in the second quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company’s stock worth $750,102,000 after purchasing an additional 1,272,838 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Microchip Technology during the second quarter worth about $537,423,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Microchip Technology by 23.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,060,528 shares of the semiconductor company’s stock worth $461,520,000 after purchasing an additional 962,362 shares during the period. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Microchip Technology by 30.7% during the third quarter. Pictet Asset Management Holding SA now owns 4,881,363 shares of the semiconductor company’s stock worth $379,661,000 after purchasing an additional 1,145,500 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

More Microchip Technology News

Here are the key news stories impacting Microchip Technology this week:

• Positive Sentiment: For the quarter ended September 30, Microchip reported $0.97 per share versus analysts’ $0.94 estimate, and revenue of $1.62 billion versus $1.61 billion expected. EPS was up from $0.35 a year earlier, marking a sixth consecutive earnings beat. Article: Microchip Technology Q2 Earnings and Revenues Top Estimates
• Negative Sentiment: The company forecast December-quarter revenue ranging from a 3% decline to 1% growth, with non-GAAP EPS of $0.87–$0.95. Reports characterized the guidance as below consensus, tempering the positive impact of the quarterly beat and pointing to limited near-term momentum. Article: Microchip December-Quarter Outlook

About Microchip Technology

Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.