Microchip Technology (NASDAQ:MCHP) Price Target Cut to $58.00 by Analysts at Morgan Stanley

Microchip Technology (NASDAQ:MCHP) had its price target cut by Morgan Stanley from $71.00 to $58.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 10.02% from the company’s current price.

A number of other equities research analysts have also commented on the stock. Stifel Nicolaus lowered their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a report on Tuesday, December 3rd. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Microchip Technology Trading Up 0.9 %

NASDAQ:MCHP traded up $0.46 during midday trading on Tuesday, reaching $52.72. 2,257,872 shares of the stock traded hands, compared to its average volume of 8,052,833. The company has a fifty day moving average of $58.94 and a 200 day moving average of $70.76. Microchip Technology has a 12 month low of $51.37 and a 12 month high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The stock has a market capitalization of $28.31 billion, a P/E ratio of 36.86 and a beta of 1.50.

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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $1.54 EPS. The firm’s revenue was down 48.4% compared to the same quarter last year. On average, research analysts predict that Microchip Technology will post 1.31 EPS for the current year.

Institutional Trading of Microchip Technology

Several institutional investors have recently bought and sold shares of MCHP. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the 3rd quarter valued at about $29,000. Financial Life Planners purchased a new stake in Microchip Technology during the 4th quarter valued at about $32,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at about $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at about $34,000. Finally, Wolff Wiese Magana LLC boosted its holdings 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 valued at $49,000 after acquiring an additional 218 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.