Microchip Technology (NASDAQ:MCHP) Stock Rating Lowered by Bank of America

Microchip Technology (NASDAQ:MCHP) was downgraded by analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued to investors on Monday, Marketbeat reports. They currently have a $65.00 price objective on the semiconductor company’s stock, down from their prior price objective of $80.00. Bank of America‘s price objective suggests a potential upside of 11.51% from the company’s previous close.

Several other research analysts also recently weighed in on the company. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Mizuho set a $95.00 target price on shares of Microchip Technology in a research report on Friday, October 18th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and reduced their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Evercore ISI reissued an “outperform” rating and set a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Piper Sandler cut their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $89.63.

Microchip Technology Stock Down 1.3 %

Shares of MCHP stock opened at $58.29 on Monday. The company has a market capitalization of $31.30 billion, a price-to-earnings ratio of 40.76 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The company’s fifty day moving average price is $69.76 and its 200-day moving average price is $79.26. Microchip Technology has a one year low of $57.94 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion for 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 business’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period last year, the firm earned $1.54 earnings per share. Sell-side analysts expect that Microchip Technology will post 1.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Microchip Technology

A number of large investors have recently made changes to their positions in MCHP. Prospera Private Wealth LLC bought a new stake in Microchip Technology in the third quarter worth about $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology during the third quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology in the third quarter worth approximately $34,000. Wolff Wiese Magana LLC lifted its stake in shares of 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 acquiring an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC boosted its holdings in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after acquiring an additional 500 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.