Needham & Company LLC Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $73.00

Microchip Technology (NASDAQ:MCHP) had its price target lowered by Needham & Company LLC from $77.00 to $73.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has a buy rating on the semiconductor company’s stock.

A number of other equities analysts have also recently commented on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Microchip Technology in a report on Wednesday, October 8th. Piper Sandler upped their target price on shares of Microchip Technology from $65.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, August 8th. Zacks Research downgraded Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 18th. TD Cowen decreased their target price on shares of Microchip Technology from $75.00 to $60.00 and set a “hold” rating on the stock in a research report on Friday, August 8th. Finally, Raymond James Financial raised their price target on Microchip Technology from $65.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.47.

Microchip Technology Stock Down 0.9%

Shares of MCHP traded down $0.53 during trading hours on Friday, hitting $55.76. The company had a trading volume of 2,458,214 shares, compared to its average volume of 9,666,291. Microchip Technology has a 52-week low of $34.13 and a 52-week high of $77.20. The firm has a fifty day moving average price of $64.24 and a 200-day moving average price of $64.41. The stock has a market capitalization of $30.09 billion, a price-to-earnings ratio of -163.68, a P/E/G ratio of 1.79 and a beta of 1.57. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.33 and a current ratio of 2.31.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, November 6th. The semiconductor company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.13 billion. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. Microchip Technology has set its Q3 2026 guidance at 0.340-0.400 EPS. On average, equities research analysts forecast that Microchip Technology will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 9th. Investors of record on Monday, November 24th will be issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, November 24th. Microchip Technology’s payout ratio is presently -404.44%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 7,356 shares of the business’s stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $68.72, for a total value of $505,504.32. Following the transaction, the chief financial officer directly owned 30,010 shares in the company, valued at $2,062,287.20. The trade was a 19.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew W. Chapman sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $68.25, for a total transaction of $682,500.00. Following the completion of the transaction, the director owned 30,665 shares in the company, valued at approximately $2,092,886.25. This represents a 24.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.94% of the company’s stock.

Hedge Funds Weigh In On Microchip Technology

Institutional investors have recently bought and sold shares of the company. Mizuho Markets Cayman LP purchased a new stake in Microchip Technology during the 2nd quarter worth approximately $107,584,000. Argonautica Private Wealth Management Inc. acquired a new stake in Microchip Technology in the 1st quarter valued at about $428,000. Charles Schwab Investment Management Inc. increased its stake in shares of Microchip Technology by 3.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,266,402 shares of the semiconductor company’s stock worth $158,127,000 after buying an additional 122,633 shares during the period. Victory Capital Management Inc. increased its holdings in Microchip Technology by 18.2% in the first quarter. Victory Capital Management Inc. now owns 602,783 shares of the semiconductor company’s stock valued at $29,181,000 after buying an additional 92,962 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in Microchip Technology by 0.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 16,630,574 shares of the semiconductor company’s stock worth $805,087,000 after buying an additional 152,434 shares during the last quarter. 91.51% of the stock is 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.