Microchip Technology (NASDAQ:MCHP) had its price objective cut by analysts at Bank of America from $86.00 to $80.00 in a research note issued to investors on Thursday. The firm presently has a “neutral” rating on the semiconductor company’s stock. Bank of America’s price target would suggest a potential upside of 10.91% from the stock’s current price.
MCHP has been the topic of a number of other research reports. ValuEngine downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Rosenblatt Securities reissued a “buy” rating and issued a $125.00 price objective on shares of Microchip Technology in a report on Sunday, August 12th. BidaskClub raised shares of Microchip Technology from a “strong sell” rating to a “sell” rating in a report on Friday, November 2nd. KeyCorp lowered their price target on shares of Microchip Technology from $116.00 to $111.00 and set an “overweight” rating on the stock in a report on Friday, August 10th. Finally, Morgan Stanley lowered their price target on shares of Microchip Technology from $98.00 to $95.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. Microchip Technology currently has a consensus rating of “Hold” and an average price target of $105.11.
Shares of MCHP traded down $2.32 on Thursday, reaching $72.13. The company’s stock had a trading volume of 4,358,351 shares, compared to its average volume of 4,629,460. The company has a current ratio of 1.32, a quick ratio of 0.80 and a debt-to-equity ratio of 1.96. The company has a market cap of $16.56 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 0.77 and a beta of 1.24. Microchip Technology has a 12-month low of $60.70 and a 12-month high of $104.20.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.03. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. Microchip Technology had a net margin of 0.59% and a return on equity of 37.96%. The firm’s revenue was up 49.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.41 earnings per share. As a group, analysts predict that Microchip Technology will post 6.36 EPS for the current fiscal year.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,887 shares of Microchip Technology stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $159,130.71. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Ganesh Moorthy bought 12,000 shares of the stock in a transaction dated Tuesday, August 14th. The stock was bought at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The disclosure for this purchase can be found here. 2.13% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its holdings in shares of Microchip Technology by 4.7% in the second quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock worth $1,175,042,000 after buying an additional 582,965 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Microchip Technology by 0.4% in the first quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock worth $513,132,000 after buying an additional 24,008 shares in the last quarter. OppenheimerFunds Inc. lifted its holdings in shares of Microchip Technology by 114.5% in the second quarter. OppenheimerFunds Inc. now owns 1,753,557 shares of the semiconductor company’s stock worth $159,486,000 after buying an additional 935,884 shares in the last quarter. Coho Partners Ltd. lifted its holdings in shares of Microchip Technology by 2.7% in the second quarter. Coho Partners Ltd. now owns 1,543,379 shares of the semiconductor company’s stock worth $140,370,000 after buying an additional 41,296 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Microchip Technology by 22.0% in the second quarter. Victory Capital Management Inc. now owns 1,520,964 shares of the semiconductor company’s stock worth $138,332,000 after buying an additional 274,241 shares in 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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