ValuEngine Lowers Microchip Technology (NASDAQ:MCHP) to Sell

Microchip Technology (NASDAQ:MCHP) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday, ValuEngine reports.

Several other equities research analysts have also recently commented on MCHP. Longbow Research began coverage on shares of Microchip Technology in a research report on Tuesday, July 9th. They set a “neutral” rating and a $87.93 price target on the stock. BidaskClub raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Tuesday, September 10th. Cfra set a $100.00 price target on shares of Microchip Technology and gave the stock a “hold” rating in a research report on Saturday, September 7th. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price target on the stock. in a research report on Thursday, July 25th. Finally, Needham & Company LLC set a $100.00 price target on shares of Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $100.62.

MCHP traded down $1.40 during trading on Monday, hitting $92.34. The company had a trading volume of 1,615,657 shares, compared to its average volume of 2,628,161. The company has a market capitalization of $21.98 billion, a PE ratio of 15.19, a PEG ratio of 1.66 and a beta of 1.41. Microchip Technology has a one year low of $60.70 and a one year high of $101.35. The firm’s 50-day moving average price is $90.22 and its 200 day moving average price is $89.41. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.65.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.25 by $0.16. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the firm posted $1.61 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. Sell-side analysts forecast that Microchip Technology will post 5.26 earnings per share for the current year.

In other news, CFO James Eric Bjornholt sold 1,937 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total value of $171,618.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Richard J. Simoncic sold 3,437 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $304,518.20. Following the completion of the sale, the vice president now directly owns 18,178 shares in the company, valued at $1,610,570.80. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Eagle Asset Management Inc. raised its holdings in shares of Microchip Technology by 0.8% in the 2nd quarter. Eagle Asset Management Inc. now owns 931,384 shares of the semiconductor company’s stock valued at $80,750,000 after purchasing an additional 7,696 shares during the period. Advisory Services Network LLC raised its holdings in shares of Microchip Technology by 42.8% in the 1st quarter. Advisory Services Network LLC now owns 3,068 shares of the semiconductor company’s stock valued at $254,000 after purchasing an additional 920 shares during the period. IFG Advisory LLC bought a new stake in shares of Microchip Technology in the 2nd quarter valued at about $204,000. Bremer Bank National Association grew its stake in Microchip Technology by 8.8% in the 3rd quarter. Bremer Bank National Association now owns 14,674 shares of the semiconductor company’s stock valued at $1,363,000 after buying an additional 1,189 shares during the last quarter. Finally, Cibc World Markets Corp grew its stake in Microchip Technology by 20.5% in the 2nd quarter. Cibc World Markets Corp now owns 69,199 shares of the semiconductor company’s stock valued at $6,000,000 after buying an additional 11,760 shares during the last quarter.

About Microchip Technology

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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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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