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

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

Several other equities analysts also recently commented on MCHP. Evercore ISI restated an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research note on Wednesday. Jefferies Financial Group decreased their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Wednesday. Mizuho set a $95.00 price target on shares of Microchip Technology in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. One equities 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.00.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $0.59 on Thursday, hitting $74.34. The company had a trading volume of 7,232,164 shares, compared to its average volume of 5,966,145. Microchip Technology has a 1-year low of $71.76 and a 1-year high of $100.57. The stock has a market cap of $39.88 billion, a price-to-earnings ratio of 51.99 and a beta of 1.53. The stock has a 50 day moving average price of $77.05 and a 200 day moving average price of $85.12. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the company earned $1.54 earnings per share. The company’s quarterly revenue was down 48.4% on a year-over-year basis. Analysts expect that Microchip Technology will post 1.73 EPS for the current year.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.10% of the company’s stock.

Institutional Trading of Microchip Technology

Hedge funds have recently bought and sold shares of the business. Peterson Financial Group Inc. bought a new position in Microchip Technology during the 3rd quarter valued at $34,000. Pathway Financial Advisers LLC bought a new position in Microchip Technology during the 1st quarter valued at $39,000. Versant Capital Management Inc lifted its stake in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after acquiring an additional 317 shares in the last quarter. Wolff Wiese Magana LLC lifted its stake in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. bought a new position in Microchip Technology during the 1st quarter valued at $54,000. Institutional investors and hedge funds 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.