Microchip Technology (NASDAQ:MCHP) Price Target Cut to $100.00 by Analysts at JPMorgan Chase & Co.

Microchip Technology (NASDAQ:MCHP) had its price objective decreased by stock analysts at JPMorgan Chase & Co. from $120.00 to $100.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 71.38% from the stock’s previous close.

A number of other equities analysts also recently weighed in on the stock. Needham & Company LLC lowered their target price on shares of Microchip Technology from $120.00 to $85.00 and set a “buy” rating on the stock in a report on Friday. Susquehanna lowered their price target on shares of Microchip Technology from $120.00 to $100.00 and set a “positive” rating on the stock in a report on Friday. Weiss Ratings upgraded shares of Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. TD Cowen reduced their price objective on Microchip Technology from $90.00 to $75.00 and set a “hold” rating for the company in a report on Monday, October 19th. Finally, KeyCorp decreased their target price on Microchip Technology from $135.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $90.73.

Microchip Technology Price Performance

Shares of MCHP stock opened at $58.35 on Friday. The company has a current ratio of 2.24, a quick ratio of 1.33 and a debt-to-equity ratio of 0.83. Microchip Technology has a 1 year low of $48.52 and a 1 year high of $105.91. The firm’s fifty day moving average price is $74.85 and its two-hundred day moving average price is $79.41. The firm has a market capitalization of $31.68 billion, a P/E ratio of 44.20, a PEG ratio of 0.40 and a beta of 1.84.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, November 5th. The semiconductor company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. The company had revenue of $1.62 billion during the quarter, compared to the consensus estimate of $1.61 billion. Microchip Technology had a net margin of 14.96% and a return on equity of 20.32%. The company’s quarterly revenue was up 42.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 EPS. On average, equities analysts predict that Microchip Technology will post 3.20 EPS for the current fiscal year.

Insider Activity at Microchip Technology

In related news, CFO James Bjornholt sold 4,112 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total transaction of $309,715.84. Following the transaction, the chief financial officer directly owned 28,573 shares of the company’s stock, valued at approximately $2,152,118.36. This trade represents a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.79% of the company’s stock.

Institutional Trading of Microchip Technology

A number of institutional investors have recently bought and sold shares of the business. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Microchip Technology in the second quarter worth approximately $537,423,000. Legal & General Group Plc bought a new stake in shares of Microchip Technology during the second quarter worth about $312,597,000. Aberdeen Group plc raised its holdings in shares of Microchip Technology by 403.4% in the 3rd quarter. Aberdeen Group plc now owns 2,316,355 shares of the semiconductor company’s stock worth $180,143,000 after acquiring an additional 1,856,181 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company’s stock worth $750,102,000 after acquiring an additional 1,272,838 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Microchip Technology in the 3rd quarter worth about $94,304,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile