Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $90.00 at Susquehanna

Microchip Technology (NASDAQ:MCHP) had its price objective lowered by equities research analysts at Susquehanna from $95.00 to $90.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “positive” rating on the semiconductor company’s stock. Susquehanna’s target price indicates a potential upside of 22.22% from the company’s previous close.

A number of other equities research analysts have also recently commented on MCHP. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $102.00 to $100.00 in a report on Thursday, July 11th. Finally, KeyCorp reduced their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $94.42.

Microchip Technology Stock Down 1.9 %

Shares of MCHP traded down $1.45 during mid-day trading on Wednesday, reaching $73.64. The company had a trading volume of 3,215,545 shares, compared to its average volume of 5,922,429. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The company has a market capitalization of $39.51 billion, a price-to-earnings ratio of 29.44 and a beta of 1.53. The firm has a 50-day moving average price of $77.17 and a 200 day moving average price of $85.20. Microchip Technology has a 52 week low of $71.76 and a 52 week high of $100.57.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.10% of the stock is currently owned by company insiders.

Institutional Trading of Microchip Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Pathway Financial Advisers LLC bought a new stake in Microchip Technology during the first quarter valued at about $39,000. Versant Capital Management Inc grew its holdings in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares in the last quarter. CarsonAllaria Wealth Management Ltd. bought a new stake in Microchip Technology in the first quarter worth $54,000. TruNorth Capital Management LLC bought a new position in Microchip Technology during the second quarter valued at $55,000. Finally, Wolff Wiese Magana LLC grew its stake in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.