Microchip Technology (NASDAQ:MCHP) Stock Rating Upgraded by StockNews.com

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

A number of other brokerages have also weighed in on MCHP. 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. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of Microchip Technology in a research report on Tuesday, December 3rd. Evercore ISI reissued an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Susquehanna dropped their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Trading Down 2.6 %

Shares of MCHP opened at $59.93 on Friday. The company’s fifty day simple moving average is $70.49 and its 200-day simple moving average is $79.91. The company has a market cap of $32.18 billion, a P/E ratio of 41.91 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology has a twelve month low of $57.96 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the company posted $1.54 EPS. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. As a group, analysts expect that Microchip Technology will post 1.33 EPS for the current year.

Hedge Funds Weigh In On Microchip Technology

Hedge funds have recently made changes to their positions in the company. SeaCrest Wealth Management LLC raised its holdings in shares of Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after acquiring an additional 131 shares during the period. Corundum Group Inc. raised its stake in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI boosted its holdings in Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares during the last quarter. Busey Bank grew its stake in shares of Microchip Technology by 2.6% in the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after buying an additional 155 shares during the period. Finally, Financial Advocates Investment Management increased its holdings in shares of Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after buying an additional 158 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

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.