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

Microchip Technology (NASDAQ:MCHP) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Thursday.

Other equities research analysts have also recently issued research reports about the company. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Needham & Company LLC lowered their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Piper Sandler raised shares of Microchip Technology from a “neutral” rating to an “overweight” rating and increased their target price for the company from $90.00 to $100.00 in a research report on Friday, August 16th. B. Riley reduced their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, TD Cowen dropped their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.47.

Microchip Technology Stock Up 0.9 %

Shares of NASDAQ:MCHP traded up $0.69 during trading hours on Thursday, reaching $76.58. The stock had a trading volume of 4,848,860 shares, compared to its average volume of 5,987,670. Microchip Technology has a 1 year low of $68.75 and a 1 year high of $100.57. The firm’s 50 day moving average is $78.26 and its 200-day moving average is $86.25. The stock has a market capitalization of $41.09 billion, a price-to-earnings ratio of 22.07 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS 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 analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.56 earnings per share. Research analysts predict that Microchip Technology will post 1.73 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction dated 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 owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Rise Advisors LLC acquired a new position in shares of Microchip Technology during the 1st quarter worth $28,000. Steph & Co. grew its position in Microchip Technology by 57.4% during the first quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after buying an additional 151 shares during the period. Pathway Financial Advisers LLC purchased a new position in Microchip Technology in the first quarter valued at about $39,000. Richardson Capital Management LLC acquired a new stake in shares of Microchip Technology during the 1st quarter valued at approximately $45,000. Finally, SOA Wealth Advisors LLC. boosted its stake in shares of Microchip Technology by 90.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 530 shares of the semiconductor company’s stock worth $48,000 after acquiring an additional 251 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.