Microchip Technology (NASDAQ:MCHP) Stock Price Target Cut by Susquehanna

Microchip Technology (NASDAQ:MCHP) had its price target cut by analysts at Susquehanna from $120.00 to $100.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “positive” rating on the semiconductor company’s stock. Susquehanna‘s price target points to a potential upside of 54.20% from the company’s previous close.

MCHP has been the topic of a number of other reports. Zacks Research cut Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Rosenblatt Securities lowered their price objective on shares of Microchip Technology from $120.00 to $115.00 and set a “buy” rating for the company in a research note on Friday. Weiss Ratings upgraded shares of Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Cantor Fitzgerald cut their target price on shares of Microchip Technology from $125.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Wells Fargo & Company cut their target price on shares of Microchip Technology from $88.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 20th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.67.

Microchip Technology Stock Down 13.9%

Shares of NASDAQ:MCHP opened at $64.85 on Friday. The company has a market capitalization of $35.21 billion, a price-to-earnings ratio of 96.79, a P/E/G ratio of 0.52 and a beta of 1.84. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.92 and a quick ratio of 1.11. The business’s 50-day moving average is $75.19 and its 200-day moving average is $79.48. Microchip Technology has a 1 year low of $48.52 and a 1 year high of $105.91.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, November 5th. The semiconductor company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.94 by $0.03. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the company earned $0.35 EPS. The firm’s revenue for the quarter was up 42.2% compared to the same quarter last year. Equities research analysts predict that Microchip Technology will post 3.20 earnings per share for the current year.

Insider Buying and Selling

In other Microchip Technology news, CFO James Bjornholt sold 4,112 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total value of $309,715.84. Following the completion of the sale, the chief financial officer owned 28,573 shares of the company’s stock, valued at approximately $2,152,118.36. This trade represents a 12.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.79% of the company’s stock.

Institutional Trading of Microchip Technology

Several hedge funds have recently bought and sold shares of the business. TOP Private Wealth LLC. purchased a new position in Microchip Technology during the second quarter worth about $29,000. GK Wealth Management LLC purchased a new stake in shares of Microchip Technology in the 3rd quarter valued at about $29,000. Continuum Advisory LLC bought a new stake in shares of Microchip Technology during the 2nd quarter valued at about $30,000. Johnson Financial Group Inc. bought a new stake in shares of Microchip Technology during the 2nd quarter valued at about $31,000. Finally, Rakuten Securities Inc. purchased a new position in shares of Microchip Technology during the second quarter worth about $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Trending Headlines about Microchip Technology

Here are the key news stories impacting Microchip Technology this week:

• Positive Sentiment: For the quarter ended September 30, Microchip reported $0.97 per share versus analysts’ $0.94 estimate, and revenue of $1.62 billion versus $1.61 billion expected. EPS was up from $0.35 a year earlier, marking a sixth consecutive earnings beat. Article: Microchip Technology Q2 Earnings and Revenues Top Estimates
• Negative Sentiment: The company forecast December-quarter revenue ranging from a 3% decline to 1% growth, with non-GAAP EPS of $0.87–$0.95. Reports characterized the guidance as below consensus, tempering the positive impact of the quarterly beat and pointing to limited near-term momentum. Article: Microchip December-Quarter Outlook

Microchip Technology Company Profile

Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.