Microchip Technology (NASDAQ:MCHP) Rating Increased to Hold at StockNews.com

Microchip Technology (NASDAQ:MCHP) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

MCHP has been the topic of several other research reports. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Citigroup dropped their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, TD Cowen dropped their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $98.42.

Microchip Technology Trading Up 1.0 %

Shares of NASDAQ:MCHP opened at $77.34 on Thursday. The company has a market cap of $41.49 billion, a PE ratio of 22.29 and a beta of 1.52. The company’s 50-day moving average price is $78.29 and its 200 day moving average price is $86.17. Microchip Technology has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. 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 issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. Microchip Technology’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period last year, the firm posted $1.56 EPS. Sell-side analysts anticipate that Microchip Technology will post 1.73 earnings per share for the current year.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were 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 directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.07% of the company’s stock.

Institutional Trading of Microchip Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. Swedbank AB acquired a new position in Microchip Technology during the 1st quarter valued at $1,079,000. SageView Advisory Group LLC raised its stake in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after purchasing an additional 14,458 shares during the last quarter. RFG Advisory LLC raised its stake in Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after purchasing an additional 8,931 shares during the last quarter. Hennessy Advisors Inc. raised its stake in Microchip Technology by 2,194.5% during the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after purchasing an additional 31,996 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Microchip Technology by 6.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock valued at $20,242,000 after purchasing an additional 13,304 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.