why Microchip Technology, Inc. [MCHP] is a Good Choice for Investors After New Price Target of $92.98

Microchip Technology, Inc. [NASDAQ: MCHP] price surged by 1.38 percent to reach at $1.25. The company report on January 22, 2024 at 4:15 PM that Microchip Technology Announces Addition of Ellen Barker to Its Board Of Directors.

Commenting on Ellen Barker’s appointment to the board, Microchip’s Executive Chair, Steve Sanghi, said, “Ms. Barker most recently served as the Senior Vice President and Chief Information Officer of Texas Instruments, a publicly held semiconductor manufacturing company. With over 35 years of industry experience, Ms. Barker has held leadership roles of increasing prominence at TI where she worked from 1984 until her retirement in 2021. She brings years of industry experience in operations, technology, finance, acquisition integration and cybersecurity to Microchip. This deep knowledge of the semiconductor industry will be invaluable to our Board. Ellen also serves on the advisory board of the Alliance of Technology and Women, a non-profit organization which focuses on supporting girls and women in technology and increasing the number of women in leadership. We welcome Ellen to our board and look forward to benefitting from her contributions and experience.”.

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The one-year MCHP stock forecast points to a potential upside of 1.06. The average equity rating for MCHP stock is currently 1.69, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Microchip Technology, Inc. [MCHP]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MCHP shares is $92.98 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 1.69. 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.

Wolfe Research have made an estimate for Microchip Technology, Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on January 18, 2024.

The Average True Range (ATR) for Microchip Technology, Inc. is set at 2.25, with the Price to Sales ratio for MCHP stock in the period of the last 12 months amounting to 5.56. The Price to Book ratio for the last quarter was 7.14, with the Price to Cash per share for the same quarter was set at 0.47. Price to Free Cash Flow for MCHP in the course of the last twelve months was 15.76 with Quick ratio for the last quarter at 0.64.

MCHP Stock Performance Analysis:

Microchip Technology, Inc. [MCHP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 8.02. With this latest performance, MCHP shares gained by 3.88% in over the last four-week period, additionally plugging by 3.51% over the last 6 months – not to mention a rise of 24.99% 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 65.10, with the RSI for the last a single of trading hit 70.86, and the three-weeks RSI is set at 62.21 for Microchip Technology, Inc. [MCHP]. The present Moving Average for the last 50 days of trading for this stock 85.79, while it was recorded at 88.33 for the last single week of trading, and 81.72 for the last 200 days.

Insight into Microchip Technology, Inc. Fundamentals:

Microchip Technology, Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.64 and a Current Ratio set at 1.03.

MCHP Stock EPS

With the latest financial reports released by the company, Microchip Technology, Inc. posted 1.56/share EPS, while the average EPS was predicted by analysts to be reported at 1.55/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 0.60%. 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, Inc. go to 12.10%.

Microchip Technology, Inc. [MCHP] Institutonal Ownership Details

The top three institutional holders of MCHP stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in MCHP stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in MCHP stock with ownership which is approximately 5.8325%.