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

Microchip Technology (NASDAQ:MCHP) had its price target decreased by Truist Financial from $56.00 to $43.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “hold” rating on the semiconductor company’s stock. Truist Financial’s target price suggests a potential upside of 13.16% from the stock’s previous close.

MCHP has been the subject of several other reports. Stifel Nicolaus reduced their price objective on Microchip Technology from $80.00 to $60.00 and set a “buy” rating for the company in a research report on Thursday. StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. The Goldman Sachs Group reduced 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. Raymond James restated a “strong-buy” rating and issued a $60.00 target price (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Citigroup lowered their price target on shares of Microchip Technology from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Two equities 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 company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $69.32.

Microchip Technology Stock Down 1.5 %

NASDAQ:MCHP traded down $0.56 during mid-day trading on Monday, reaching $38.00. The stock had a trading volume of 4,360,274 shares, compared to its average volume of 8,069,372. The stock has a market cap of $20.44 billion, a P/E ratio of 67.86 and a beta of 1.51. The business’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. Microchip Technology has a fifty-two week low of $34.13 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, sell-side analysts predict that Microchip Technology will post 1.03 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business’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 transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new stake in Microchip Technology in the 4th quarter valued at about $26,000. Rakuten Securities Inc. lifted its position in shares of Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 359 shares during the period. OFI Invest Asset Management acquired a new position in Microchip Technology in the fourth quarter valued at about $29,000. Financial Life Planners bought a new position in Microchip Technology in the 4th quarter valued at about $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $34,000. Institutional investors own 91.51% of the company’s stock.

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.