Microchip Technology (NASDAQ:MCHP) Price Target Cut to $85.00 by Analysts at Needham & Company LLC

Microchip Technology (NASDAQ:MCHP) had its price objective cut by analysts at Needham & Company LLC from $96.00 to $85.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price target points to a potential upside of 13.20% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Mizuho set a $95.00 target price on shares of Microchip Technology in a research report on Friday, October 18th. B. Riley dropped their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Wednesday, July 31st. TD Cowen decreased their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, Citigroup dropped their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $96.79.

Microchip Technology Trading Up 0.8 %

Shares of MCHP stock opened at $75.09 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The stock has a 50-day simple moving average of $77.17 and a 200 day simple moving average of $85.20. Microchip Technology has a fifty-two week low of $71.76 and a fifty-two week high of $100.57. The stock has a market capitalization of $40.29 billion, a P/E ratio of 30.04 and a beta of 1.53.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Institutional Trading of Microchip Technology

Several hedge funds have recently bought and sold shares of MCHP. Swedbank AB bought a new position in Microchip Technology in the 1st quarter valued at $1,079,000. Pinnacle Associates Ltd. lifted its holdings in shares of Microchip Technology by 50.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after buying an additional 35,213 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after acquiring an additional 93,464 shares in the last quarter. SageView Advisory Group LLC raised its holdings in shares of Microchip Technology by 507.5% in the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in Microchip Technology during the second quarter valued at approximately $42,538,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

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.