Needham & Company LLC Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $60.00

Microchip Technology (NASDAQ:MCHP) had its price target decreased by Needham & Company LLC from $85.00 to $60.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 12.97% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. TD Cowen lowered their target price on Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. B. Riley lowered their target price on Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a report on Friday, January 24th. Evercore ISI restated an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Morgan Stanley reduced their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.28.

Microchip Technology Price Performance

MCHP opened at $53.11 on Friday. 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 12 month low of $51.37 and a 12 month high of $100.57. The company has a fifty day simple moving average of $58.34 and a 200 day simple moving average of $70.38. The stock has a market cap of $28.52 billion, a P/E ratio of 37.14 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last released 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 return on equity of 19.47% and a net margin of 14.22%. On average, research analysts expect that Microchip Technology will post 1.31 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MCHP. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology during the fourth quarter worth approximately $26,000. Prospera Private Wealth LLC bought a new position in Microchip Technology in the third quarter valued at approximately $29,000. Financial Life Planners bought a new position in Microchip Technology in the fourth quarter valued at approximately $32,000. Peterson Financial Group Inc. bought a new position in Microchip Technology in the third quarter valued at approximately $34,000. Finally, Truvestments Capital LLC bought a new position in Microchip Technology in the third quarter valued at approximately $34,000. 91.51% of the stock is owned by institutional investors.

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.