Microchip Technology (MCHP) Downgraded to Sell at BidaskClub

BidaskClub downgraded shares of Microchip Technology (NASDAQ:MCHP) from a hold rating to a sell rating in a research note released on Saturday, March 30th, BidAskClub reports.

Several other analysts have also recently weighed in on MCHP. Rosenblatt Securities reissued a buy rating and set a $115.00 price target on shares of Microchip Technology in a report on Monday, February 11th. TheStreet raised Microchip Technology from a c+ rating to a b- rating in a report on Thursday, February 21st. Needham & Company LLC cut Microchip Technology from a strong-buy rating to a buy rating and dropped their price objective for the company from $100.00 to $90.00 in a report on Thursday, January 24th. Morgan Stanley lifted their price objective on Microchip Technology from $72.00 to $75.00 and gave the company an equal weight rating in a report on Wednesday, December 19th. Finally, Zacks Investment Research cut Microchip Technology from a hold rating to a sell rating in a report on Monday, February 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the stock. Microchip Technology has a consensus rating of Buy and a consensus price target of $102.17.

Shares of NASDAQ MCHP traded up $0.68 during mid-day trading on Friday, reaching $98.84. 2,262,156 shares of the company’s stock were exchanged, compared to its average volume of 2,878,887. The company has a debt-to-equity ratio of 2.04, a current ratio of 2.92 and a quick ratio of 1.83. The firm has a market cap of $23.39 billion, a P/E ratio of 19.04, a P/E/G ratio of 1.20 and a beta of 1.23. Microchip Technology has a twelve month low of $60.70 and a twelve month high of $104.20.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.45 by $0.21. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company earned $1.36 earnings per share. The business’s revenue was up 42.5% compared to the same quarter last year. Equities analysts anticipate that Microchip Technology will post 5.9 EPS for the current year.

In other news, VP Mitchell R. Little sold 3,585 shares of the business’s stock in a transaction dated Wednesday, February 13th. The stock was sold at an average price of $91.17, for a total value of $326,844.45. Following the transaction, the vice president now directly owns 7,693 shares of the company’s stock, valued at approximately $701,370.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James Eric Bjornholt sold 2,356 shares of the business’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $89.24, for a total value of $210,249.44. The disclosure for this sale can be found here. Insiders have sold a total of 14,101 shares of company stock worth $1,258,210 in the last 90 days. 2.13% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in MCHP. Oregon Public Employees Retirement Fund increased its holdings in Microchip Technology by 7,043.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 1,815,732 shares in the last quarter. Clarfeld Financial Advisors LLC bought a new stake in Microchip Technology during the 4th quarter worth approximately $26,000. Morgan Dempsey Capital Management LLC bought a new stake in Microchip Technology during the 4th quarter worth approximately $28,000. Lindbrook Capital LLC bought a new stake in Microchip Technology during the 4th quarter worth approximately $32,000. Finally, Gemmer Asset Management LLC increased its holdings in Microchip Technology by 186.5% during the 1st quarter. Gemmer Asset Management LLC now owns 487 shares of the semiconductor company’s stock worth $40,000 after purchasing an additional 317 shares in the last quarter.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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