why Microchip Technology Incorporated [MCHP] is a Good Choice for Investors After New Price Target of $97.80


Microchip Technology Incorporated [NASDAQ: MCHP] traded at a high on 01/12/22, posting a 0.73 gain after which it closed the day’ session at $85.23. The company report on January 12, 2022 that Microchip Technology To Present At The 24th Annual Needham Virtual Growth Conference.

(NASDAQ:MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected and secure embedded control solutions, announced today that the Company will present at the 24th Annual Needham Virtual Growth Conference on Thursday, January 13 at 12:30 p.m. (Eastern Time). Presenting for the Company will be Mr. Ganesh Moorthy, President and Chief Executive Officer, and Mr. Eric Bjornholt, Senior Vice President and Chief Financial Officer. A live webcast of the presentation will be made available by Needham, and can be accessed on the Microchip website at www.microchip.com.

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Any forward looking statements made during the presentation are qualified in their entirety by the discussion of risks set forth in the Company’s Securities and Exchange Commission filings. Copies of SEC filings can be obtained for free at the SEC’s website (www.sec.gov) or from commercial document retrieval services.

The results of the trading session contributed to over 3101277 shares changing hands. Over the past one week, the price volatility of Microchip Technology Incorporated stands at 3.24% while the volatility over the past one month is 2.85%.

The market cap for MCHP stock reached $49.24 billion, with 551.30 million shares outstanding and 543.75 million shares in the current float. Compared to the average trading volume of 3.86M shares, MCHP reached a trading volume of 3101277 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Microchip Technology Incorporated [MCHP]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MCHP shares is $97.80 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MCHP stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Stifel have made an estimate for Microchip Technology Incorporated shares, keeping their opinion on the stock as Hold, with their previous recommendation back on October 14, 2021. While these analysts kept the previous recommendation, UBS raised their target price to Neutral. The new note on the price target was released on October 13, 2021, representing the official price target for Microchip Technology Incorporated stock. Previously, the target price had yet another raise to $165, while Wells Fargo analysts kept a Equal Weight rating on MCHP stock. On September 17, 2021, analysts increased their price target for MCHP shares from 170 to 185.

The Average True Range (ATR) for Microchip Technology Incorporated is set at 2.64, with the Price to Sales ratio for MCHP stock in the period of the last 12 months amounting to 8.15. The Price to Book ratio for the last quarter was 8.24, with the Price to Cash per share for the same quarter was set at 0.44. Price to Free Cash Flow for MCHP in the course of the last twelve months was 32.35 with Quick ratio for the last quarter at 1.30.

How has MCHP stock performed recently?

Microchip Technology Incorporated [MCHP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.84. With this latest performance, MCHP shares gained by 0.08% in over the last four-week period, additionally plugging by 24.02% over the last 6 months – not to mention a rise of 13.11% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MCHP stock in for the last two-week period is set at 50.16, with the RSI for the last a single of trading hit 49.39, and the three-weeks RSI is set at 51.27 for Microchip Technology Incorporated [MCHP]. The present Moving Average for the last 50 days of trading for this stock 84.64, while it was recorded at 84.00 for the last single week of trading, and 77.66 for the last 200 days.

Microchip Technology Incorporated [MCHP]: Deeper insight into the fundamentals

Microchip Technology Incorporated’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.90.

Earnings analysis for Microchip Technology Incorporated [MCHP]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MCHP. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Microchip Technology Incorporated go to 18.30%.

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Insider trade positions for Microchip Technology Incorporated [MCHP]

There are presently around $42,734 million, or 90.60% of MCHP stock, in the hands of institutional investors. The top three institutional holders of MCHP stocks are: VANGUARD GROUP INC with ownership of 62,682,828, which is approximately 1.353% of the company’s market cap and around 2.00% of the total institutional ownership; BLACKROCK INC., holding 41,046,518 shares of the stock with an approximate value of $3.5 billion in MCHP stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $2.77 billion in MCHP stock with ownership of nearly -9.458% of the company’s market capitalization.

420 institutional holders increased their position in Microchip Technology Incorporated [NASDAQ:MCHP] by around 41,895,491 shares. Additionally, 418 investors decreased positions by around 33,361,007 shares, while 176 investors held positions by with 426,135,278 shares. The mentioned changes placed institutional holdings at 501,391,776 shares, according to the latest SEC report filing. MCHP stock had 69 new institutional investments in for a total of 9,514,906 shares, while 78 institutional investors sold positions of 4,856,986 shares during the same period.