Microchip Technology (NASDAQ:MCHP) was downgraded by investment analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday, September 18th.
Other analysts have also recently issued reports about the company. BidaskClub cut Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Argus upped their target price on Microchip Technology to $115.00 and gave the company an “average” rating in a report on Monday, June 25th. They noted that the move was a valuation call. Zacks Investment Research upgraded Microchip Technology from a “hold” rating to a “buy” rating and set a $114.00 target price for the company in a report on Wednesday, June 6th. Nomura dropped their target price on Microchip Technology from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 10th. Finally, B. Riley upped their target price on Microchip Technology from $123.00 to $135.00 and gave the company a “buy” rating in a report on Friday, June 1st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $111.05.
Shares of Microchip Technology stock traded up $0.56 on Tuesday, reaching $68.26. The company’s stock had a trading volume of 5,407,325 shares, compared to its average volume of 3,087,909. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80. Microchip Technology has a 52-week low of $65.13 and a 52-week high of $104.20. The stock has a market capitalization of $18.59 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 0.83 and a beta of 1.10.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the business earned $1.31 earnings per share. The firm’s revenue for the quarter was up 24.7% on a year-over-year basis. On average, equities research analysts anticipate that Microchip Technology will post 6.51 EPS for the current fiscal year.
In related news, COO Ganesh Moorthy purchased 12,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The shares were bought at an average price of $84.10 per share, for a total transaction of $1,009,200.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 1,887 shares of the company’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total value of $159,130.71. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Tredje AP fonden purchased a new stake in Microchip Technology during the 2nd quarter worth about $2,321,000. Point72 Asset Management L.P. purchased a new position in shares of Microchip Technology in the 2nd quarter valued at about $34,037,000. Glen Harbor Capital Management LLC increased its holdings in shares of Microchip Technology by 21.3% in the 2nd quarter. Glen Harbor Capital Management LLC now owns 30,128 shares of the semiconductor company’s stock valued at $2,740,000 after acquiring an additional 5,292 shares during the last quarter. Assetmark Inc. increased its holdings in shares of Microchip Technology by 12.8% in the 2nd quarter. Assetmark Inc. now owns 5,742 shares of the semiconductor company’s stock valued at $522,000 after acquiring an additional 650 shares during the last quarter. Finally, BKD Wealth Advisors LLC increased its holdings in shares of Microchip Technology by 4.5% in the 3rd quarter. BKD Wealth Advisors LLC now owns 45,917 shares of the semiconductor company’s stock valued at $3,623,000 after acquiring an additional 1,982 shares during the last quarter.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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