Microchip Technology (NASDAQ:MCHP) Rating Lowered to Equal Weight at Morgan Stanley

Microchip Technology (NASDAQ:MCHP) was downgraded by equities research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Thursday, MarketBeat reports. They presently have a $100.00 price objective on the semiconductor company’s stock, down from their prior price objective of $102.00. Morgan Stanley’s target price indicates a potential upside of 7.98% from the company’s previous close.

Several other research firms have also weighed in on MCHP. UBS Group boosted their price target on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Evercore ISI started coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective on the stock. Susquehanna raised their target price on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a research note on Tuesday, May 7th. Truist Financial boosted their price target on Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, The Goldman Sachs Group raised their price objective on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $101.61.

Microchip Technology Price Performance

NASDAQ MCHP opened at $92.61 on Thursday. The firm’s 50 day moving average is $93.58 and its 200-day moving average is $89.27. The company has a quick ratio of 0.67, a current ratio of 1.20 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $49.69 billion, a PE ratio of 26.69 and a beta of 1.54. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the business earned $1.56 EPS. The company’s revenue was down 40.6% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology will post 2.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of Microchip Technology stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $3,325,034.86. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew W. Chapman sold 2,748 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The disclosure for this sale can be found here. Insiders have sold 23,993 shares of company stock valued at $2,251,857 over the last 90 days. 2.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Microchip Technology

A number of large investors have recently modified their holdings of MCHP. Vanguard Group Inc. boosted its stake in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after buying an additional 1,921,497 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Microchip Technology by 0.9% in the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock valued at $836,795,000 after purchasing an additional 87,203 shares in the last quarter. Boston Partners grew its holdings in shares of Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after purchasing an additional 736,818 shares during the last quarter. Norges Bank acquired a new position in Microchip Technology during the 4th quarter worth approximately $672,196,000. Finally, Van ECK Associates Corp lifted its stake in Microchip Technology by 17.2% in the 1st quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after purchasing an additional 891,297 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.