Raymond James cut shares of Microchip Technology (NASDAQ:MCHP) from an outperform rating to a market perform rating in a research note issued to investors on Tuesday, September 25th, MarketBeat reports. Raymond James currently has $105.00 price target on the semiconductor company’s stock.
Several other brokerages also recently issued reports on MCHP. Nomura cut their price target on Microchip Technology from $110.00 to $105.00 and set a buy rating on the stock in a report on Friday, August 10th. Zacks Investment Research upgraded Microchip Technology from a hold rating to a buy rating and set a $114.00 target price on the stock in a research report on Wednesday, June 6th. BidaskClub cut Microchip Technology from a strong-buy rating to a buy rating in a research report on Tuesday, June 26th. JPMorgan Chase & Co. initiated coverage on Microchip Technology in a research report on Tuesday, June 5th. They set an overweight rating and a $125.00 price target on the stock. Finally, KeyCorp initiated coverage on Microchip Technology in a research report on Tuesday, September 25th. They set a sector weight rating on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $111.05.
NASDAQ:MCHP opened at $68.26 on Tuesday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32. Microchip Technology has a 52 week low of $65.13 and a 52 week high of $104.20. The company has a market cap of $18.59 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 0.83 and a beta of 1.10.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.13. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.21 billion. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The business’s revenue was up 24.7% on a year-over-year basis. During the same quarter last year, the business posted $1.31 EPS. On average, research analysts forecast that Microchip Technology will post 6.51 earnings per share for the current fiscal year.
In related news, CFO James Eric Bjornholt sold 1,887 shares of Microchip Technology stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $159,130.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Ganesh Moorthy acquired 12,000 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 14th. The shares were purchased at an average cost of $84.10 per share, with a total value of $1,009,200.00. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tredje AP fonden bought a new position in Microchip Technology during the second quarter valued at about $2,321,000. Point72 Asset Management L.P. bought a new position in Microchip Technology during the second quarter valued at about $34,037,000. Glen Harbor Capital Management LLC raised its holdings in Microchip Technology by 21.3% during the second quarter. Glen Harbor Capital Management LLC now owns 30,128 shares of the semiconductor company’s stock valued at $2,740,000 after buying an additional 5,292 shares in the last quarter. Assetmark Inc. raised its holdings in Microchip Technology by 12.8% during the second quarter. Assetmark Inc. now owns 5,742 shares of the semiconductor company’s stock valued at $522,000 after buying an additional 650 shares in the last quarter. Finally, BKD Wealth Advisors LLC raised its holdings in Microchip Technology by 4.5% during the third quarter. BKD Wealth Advisors LLC now owns 45,917 shares of the semiconductor company’s stock valued at $3,623,000 after buying an additional 1,982 shares in the last quarter.
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; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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