Microchip Technology (NASDAQ:MCHP) Stock Rating Lowered by Wall Street Zen

Microchip Technology (NASDAQ:MCHP) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other research analysts also recently weighed in on MCHP. KeyCorp dropped their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Bank of America raised shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price objective for the company in a research note on Friday, May 9th. Morgan Stanley boosted their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a research note on Friday, May 9th. Rosenblatt Securities raised their target price on Microchip Technology from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 30th. Finally, UBS Group lifted their price target on Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.68.

Microchip Technology Stock Performance

MCHP opened at $65.25 on Friday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market cap of $35.20 billion, a PE ratio of 116.52 and a beta of 1.48. The business has a fifty day simple moving average of $49.94 and a 200-day simple moving average of $54.81. Microchip Technology has a fifty-two week low of $34.13 and a fifty-two week high of $96.98.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Microchip Technology’s revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS. As a group, equities analysts predict that Microchip Technology will post 1.03 EPS for the current fiscal year.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Institutional Trading of Microchip Technology

Several hedge funds have recently added to or reduced their stakes in the business. Mainstream Capital Management LLC bought a new position in Microchip Technology in the 4th quarter worth approximately $26,000. Rakuten Securities Inc. grew its stake in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology during the fourth quarter worth $29,000. Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology during the 4th quarter valued at $34,000. Finally, Millstone Evans Group LLC bought a new stake in Microchip Technology in the 4th quarter valued at $34,000. Institutional investors own 91.51% of the company’s stock.

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.