Microchip Technology (NASDAQ:MCHP) Downgraded to “Sell” Rating by StockNews.com

Microchip Technology (NASDAQ:MCHP) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

A number of other equities research analysts have also recently issued reports on MCHP. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Susquehanna reduced their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday. Jefferies Financial Group reduced their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and reduced their target price for the company from $89.00 to $80.00 in a report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Stock Performance

Microchip Technology stock traded up $0.59 during midday trading on Thursday, reaching $74.34. The stock had a trading volume of 7,232,164 shares, compared to its average volume of 5,966,145. Microchip Technology has a 12 month low of $71.76 and a 12 month high of $100.57. The firm’s 50-day moving average price is $77.05 and its 200 day moving average price is $85.12. The firm has a market capitalization of $39.88 billion, a PE ratio of 51.99 and a beta of 1.53. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the business posted $1.54 EPS. The firm’s quarterly revenue was down 48.4% compared to the same quarter last year. As a group, research analysts predict that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Microchip Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Peterson Financial Group Inc. bought a new stake in Microchip Technology in the third quarter valued at approximately $34,000. Pathway Financial Advisers LLC bought a new stake in Microchip Technology in the first quarter valued at approximately $39,000. Versant Capital Management Inc lifted its position in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares during the last quarter. Wolff Wiese Magana LLC lifted its position in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. bought a new stake in Microchip Technology in the first quarter valued at approximately $54,000. Institutional investors own 91.51% of the company’s stock.

About Microchip Technology

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.