Microchip Technology (NASDAQ:MCHP) Upgraded at StockNews.com

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

Several other equities analysts have also recently commented on MCHP. Citigroup decreased their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Jefferies Financial Group decreased 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, November 6th. TD Cowen cut their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Piper Sandler decreased their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Finally, Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.95.

Microchip Technology Trading Down 2.6 %

Microchip Technology stock traded down $1.57 during trading on Friday, hitting $59.93. The company had a trading volume of 9,040,010 shares, compared to its average volume of 6,203,403. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The company’s 50 day simple moving average is $70.84 and its 200-day simple moving average is $80.31. Microchip Technology has a 1-year low of $57.96 and a 1-year high of $100.57. The stock has a market cap of $32.18 billion, a price-to-earnings ratio of 41.91 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the firm earned $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, analysts expect that Microchip Technology will post 1.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology in the third quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new stake in Microchip Technology in the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new stake in Microchip Technology during the 3rd quarter worth $34,000. Wolff Wiese Magana LLC grew its position in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC increased its stake in Microchip Technology by 390.6% in the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors 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.