Microchip Technology (NASDAQ:MCHP) Given New $70.00 Price Target at KeyCorp

Microchip Technology (NASDAQ:MCHP) had its target price cut by equities researchers at KeyCorp from $90.00 to $70.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. KeyCorp’s price objective points to a potential upside of 22.59% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Mizuho cut their price target on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Rosenblatt Securities reissued a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, TD Cowen decreased their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $86.05.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $57.10 on Tuesday. The company has a market capitalization of $30.66 billion, a PE ratio of 39.93 and a beta of 1.52. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology has a twelve month low of $54.47 and a twelve month high of $100.57. The firm has a fifty day simple moving average of $62.10 and a 200 day simple moving average of $74.32.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company posted $1.54 EPS. The business’s quarterly revenue was down 48.4% on a year-over-year basis. On average, sell-side analysts forecast that Microchip Technology will post 1.33 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corundum Group Inc. increased its stake in Microchip Technology by 3.4% in the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 143 shares during the last quarter. Financial Advocates Investment Management increased its position in shares of Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after acquiring an additional 158 shares during the last quarter. Bruce G. Allen Investments LLC lifted its holdings in Microchip Technology by 11.4% during the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after acquiring an additional 162 shares during the period. Metis Global Partners LLC boosted its position in Microchip Technology by 1.0% in the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock worth $1,378,000 after purchasing an additional 172 shares during the last quarter. Finally, Parallel Advisors LLC grew its stake in Microchip Technology by 2.9% in the 2nd quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company’s stock valued at $581,000 after purchasing an additional 178 shares during the period. 91.51% of the stock is currently owned by hedge funds and other 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.