Microchip Technology (NASDAQ:MCHP) Given New $80.00 Price Target at Citigroup

Microchip Technology (NASDAQ:MCHP) had its price target decreased by Citigroup from $90.00 to $80.00 in a research report report published on Friday,Benzinga reports. Citigroup currently has a buy rating on the semiconductor company’s stock.

A number of other equities research analysts have also recently weighed in on MCHP. Truist Financial restated a “hold” rating and issued a $60.00 price target (down previously from $64.00) on shares of Microchip Technology in a report on Friday. Stifel Nicolaus lowered their target price on Microchip Technology from $82.00 to $75.00 and set a “buy” rating on the stock in a report on Friday. Needham & Company LLC dropped their price target on Microchip Technology from $77.00 to $73.00 and set a “buy” rating for the company in a research report on Friday. The Goldman Sachs Group started coverage on Microchip Technology in a research note on Thursday, July 10th. They set a “buy” rating and a $88.00 price target for the company. Finally, Raymond James Financial increased their price objective on shares of Microchip Technology from $65.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus target price of $73.47.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded down $3.07 on Friday, reaching $56.28. 19,091,235 shares of the company were exchanged, compared to its average volume of 9,702,577. The company has a 50-day moving average of $64.24 and a 200-day moving average of $64.08. The company has a current ratio of 2.31, a quick ratio of 1.33 and a debt-to-equity ratio of 0.80. The firm has a market cap of $30.37 billion, a price-to-earnings ratio of -165.53, a price-to-earnings-growth ratio of 1.79 and a beta of 1.57. Microchip Technology has a 1-year low of $34.13 and a 1-year high of $77.20.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, November 6th. The semiconductor company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The firm’s revenue was down 2.0% on a year-over-year basis. Microchip Technology has set its Q3 2026 guidance at 0.340-0.400 EPS. Equities analysts forecast that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 9th. Shareholders of record on Monday, November 24th will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, November 24th. Microchip Technology’s dividend payout ratio is -535.29%.

Insider Activity

In other Microchip Technology news, Director Matthew W. Chapman sold 10,000 shares of the business’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $68.25, for a total value of $682,500.00. Following the completion of the transaction, the director directly owned 30,665 shares in the company, valued at approximately $2,092,886.25. The trade was a 24.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 7,356 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $68.72, for a total value of $505,504.32. Following the transaction, the chief financial officer directly owned 30,010 shares in the company, valued at approximately $2,062,287.20. This represents a 19.69% decrease in their position. The SEC filing for this sale provides additional information. 1.94% of the stock is owned by company insiders.

Hedge Funds Weigh In On Microchip Technology

Several institutional investors have recently added to or reduced their stakes in the business. Orbis Allan Gray Ltd purchased a new stake in Microchip Technology in the 1st quarter valued at about $369,612,000. Norges Bank purchased a new position in shares of Microchip Technology during the 2nd quarter worth about $473,320,000. Invesco Ltd. boosted its position in shares of Microchip Technology by 63.0% in the first quarter. Invesco Ltd. now owns 16,707,031 shares of the semiconductor company’s stock worth $808,787,000 after acquiring an additional 6,459,123 shares during the last quarter. Dodge & Cox grew its holdings in Microchip Technology by 958.4% in the second quarter. Dodge & Cox now owns 6,339,800 shares of the semiconductor company’s stock valued at $446,132,000 after purchasing an additional 5,740,827 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Microchip Technology by 138.9% during the first quarter. Goldman Sachs Group Inc. now owns 8,834,550 shares of the semiconductor company’s stock worth $427,681,000 after purchasing an additional 5,136,154 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.