Microchip Technology’s (MCHP) Outperform Rating Reiterated at Evercore ISI

Microchip Technology (NASDAQ:MCHP)‘s stock had its “outperform” rating restated by investment analysts at Evercore ISI in a report released on Wednesday, Benzinga reports. They presently have a $95.00 price target on the semiconductor company’s stock, down from their previous price target of $101.00. Evercore ISI’s price objective would indicate a potential upside of 28.50% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a research note on Wednesday. B. Riley dropped their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price target for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Piper Sandler lowered their price target on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $93.84.

Microchip Technology Price Performance

Shares of MCHP traded down $1.16 during midday trading on Wednesday, hitting $73.93. 4,291,660 shares of the company traded hands, compared to its average volume of 5,925,867. The firm has a 50 day moving average of $77.17 and a 200-day moving average of $85.20. Microchip Technology has a 52 week low of $71.76 and a 52 week high of $100.57. The stock has a market cap of $39.66 billion, a price-to-earnings ratio of 29.71 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction 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 sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

Institutional Trading of Microchip Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after purchasing an additional 2,199,290 shares in the last quarter. Clearbridge Investments LLC increased its position in Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after buying an additional 1,962,685 shares during the period. Vanguard Group Inc. increased its position in shares of Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the period. Van ECK Associates Corp grew its position in Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after acquiring an additional 1,597,263 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Microchip Technology by 425.3% during the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after purchasing an additional 1,114,962 shares in the last quarter. 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.