Microchip Technology (NASDAQ:MCHP) Upgraded by StockNews.com to “Hold” Rating

Microchip Technology (NASDAQ:MCHP) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Friday.

Several other equities analysts have also weighed in on MCHP. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Jefferies Financial Group cut their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. KeyCorp lowered their target price on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 3rd. Evercore ISI restated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Finally, TD Cowen lowered their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Stock Performance

Shares of Microchip Technology stock traded down $1.57 during trading on Friday, hitting $59.93. 9,040,010 shares of the company’s stock were exchanged, compared to its average volume of 6,203,403. Microchip Technology has a 52-week low of $57.96 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The stock has a market capitalization of $32.18 billion, a price-to-earnings ratio of 41.91 and a beta of 1.50. The business has a 50-day simple moving average of $70.84 and a 200-day simple moving average of $80.31.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.54 EPS. On average, research analysts forecast that Microchip Technology will post 1.33 EPS for the current year.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MCHP. Swedbank AB raised its holdings in shares of Microchip Technology by 78.7% during the 2nd quarter. Swedbank AB now owns 21,493 shares of the semiconductor company’s stock worth $1,967,000 after acquiring an additional 9,465 shares during the period. Blue Trust Inc. boosted its holdings in Microchip Technology by 346.8% in the 2nd quarter. Blue Trust Inc. now owns 8,642 shares of the semiconductor company’s stock valued at $775,000 after purchasing an additional 6,708 shares during the last quarter. Chapin Davis Inc. grew its stake in shares of Microchip Technology by 20.9% in the 2nd quarter. Chapin Davis Inc. now owns 2,890 shares of the semiconductor company’s stock valued at $264,000 after buying an additional 500 shares during the period. Western Financial Corp CA increased its holdings in shares of Microchip Technology by 7.2% during the 2nd quarter. Western Financial Corp CA now owns 8,155 shares of the semiconductor company’s stock worth $746,000 after buying an additional 545 shares during the last quarter. Finally, BTC Capital Management Inc. raised its position in shares of Microchip Technology by 12.2% during the 2nd quarter. BTC Capital Management Inc. now owns 28,246 shares of the semiconductor company’s stock valued at $2,585,000 after buying an additional 3,071 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.