Microchip Technology (NASDAQ:MCHP) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Friday.
MCHP has been the subject of a number of other reports. Cowen assumed coverage on Microchip Technology in a research note on Friday, February 22nd. They set a “market perform” rating and a $90.00 price target for the company. Citigroup reissued a “buy” rating and set a $105.00 price target on shares of Microchip Technology in a research note on Thursday, February 7th. Zacks Investment Research raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Monday, December 10th. ValuEngine raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Finally, Morgan Stanley increased their price target on Microchip Technology from $72.00 to $75.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 19th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $102.17.
Shares of Microchip Technology stock opened at $84.00 on Friday. Microchip Technology has a 12 month low of $60.70 and a 12 month high of $104.20. The company has a market cap of $20.45 billion, a P/E ratio of 16.18, a PEG ratio of 1.09 and a beta of 1.24. The company has a debt-to-equity ratio of 2.04, a current ratio of 2.92 and a quick ratio of 1.83.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, February 5th. The semiconductor company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.21. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the company earned $1.36 earnings per share. The firm’s revenue was up 42.5% on a year-over-year basis. Research analysts predict that Microchip Technology will post 5.89 earnings per share for the current year.
In other news, Director L B. Day sold 3,500 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $84.82, for a total value of $296,870.00. Following the sale, the director now directly owns 9,238 shares in the company, valued at $783,567.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP James Eric Bjornholt sold 2,356 shares of the stock in a transaction that occurred on Friday, February 22nd. The stock was sold at an average price of $89.24, for a total value of $210,249.44. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,101 shares of company stock worth $1,258,210. Company insiders own 2.13% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of MCHP. Oregon Public Employees Retirement Fund raised its holdings in shares of Microchip Technology by 7,043.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after buying an additional 1,815,732 shares during the period. Clarfeld Financial Advisors LLC purchased a new stake in shares of Microchip Technology in the fourth quarter worth approximately $26,000. Morgan Dempsey Capital Management LLC purchased a new stake in shares of Microchip Technology in the fourth quarter worth approximately $28,000. Lindbrook Capital LLC purchased a new stake in shares of Microchip Technology in the fourth quarter worth approximately $32,000. Finally, Enlightenment Research LLC purchased a new stake in shares of Microchip Technology in the fourth quarter worth approximately $43,000.
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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