BidaskClub lowered shares of Microchip Technology (NASDAQ:MCHP) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
MCHP has been the subject of a number of other research reports. Goldman Sachs upgraded Microchip Technology from a neutral rating to a buy rating and raised their target price for the company from $95.57 to $108.00 in a research note on Thursday, March 8th. Stifel Nicolaus restated an average rating and issued a $112.00 target price on shares of Microchip Technology in a research note on Tuesday, March 6th. SunTrust Banks upgraded Microchip Technology from a hold rating to a buy rating in a research note on Friday, March 2nd. Zacks Investment Research cut Microchip Technology from a buy rating to a hold rating in a research note on Wednesday, January 3rd. Finally, Bank of America lowered their price objective on Microchip Technology from $120.00 to $110.00 and set a buy rating for the company in a research note on Wednesday, February 7th. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $103.99.
MCHP opened at $85.68 on Wednesday. The company has a market capitalization of $19,951.97, a PE ratio of 23.54, a PEG ratio of 1.06 and a beta of 1.06. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.98 and a quick ratio of 2.33. Microchip Technology has a 52 week low of $73.87 and a 52 week high of $101.48.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.01. The company had revenue of $994.10 million during the quarter, compared to analysts’ expectations of $992.10 million. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 EPS. research analysts expect that Microchip Technology will post 5.13 earnings per share for the current fiscal year.
In other Microchip Technology news, CEO Steve Sanghi sold 20,124 shares of Microchip Technology stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $94.80, for a total value of $1,907,755.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Esther Johnson sold 2,275 shares of Microchip Technology stock in a transaction on Wednesday, March 14th. The stock was sold at an average price of $97.90, for a total value of $222,722.50. Following the completion of the sale, the director now directly owns 6,081 shares of the company’s stock, valued at approximately $595,329.90. The disclosure for this sale can be found here. In the last three months, insiders sold 33,667 shares of company stock valued at $3,132,552. Corporate insiders own 2.13% of the company’s stock.
Several institutional investors have recently bought and sold shares of MCHP. Twin Tree Management LP grew its holdings in shares of Microchip Technology by 126.2% in the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock worth $194,000 after acquiring an additional 10,646 shares during the period. SeaCrest Wealth Management LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth $198,000. Gillespie Robinson & Grimm Inc. bought a new stake in shares of Microchip Technology in the fourth quarter worth $202,000. Squar Milner Financial Services LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth $205,000. Finally, Laurel Wealth Advisors Inc. bought a new stake in shares of Microchip Technology in the fourth quarter worth $228,000.
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Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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