Microchip Technology (NASDAQ:MCHP) Downgraded by StockNews.com

Microchip Technology (NASDAQ:MCHP) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. TD Cowen decreased their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. B. Riley lowered their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Susquehanna reduced their price objective on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday, August 2nd. Finally, Needham & Company LLC lowered their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.47.

Microchip Technology Trading Up 0.6 %

Microchip Technology stock traded up $0.44 during midday trading on Tuesday, reaching $77.50. The stock had a trading volume of 4,434,239 shares, compared to its average volume of 6,046,228. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The firm has a market cap of $41.58 billion, a price-to-earnings ratio of 22.33 and a beta of 1.53. Microchip Technology has a 52-week low of $68.75 and a 52-week high of $100.57. The company has a fifty day moving average of $80.50 and a 200 day moving average of $87.55.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.56 earnings per share. On average, analysts anticipate that Microchip Technology will post 1.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.07% of the company’s stock.

Institutional Trading of Microchip Technology

A number of institutional investors have recently bought and sold shares of the stock. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company’s stock worth $209,653,000 after acquiring an additional 2,199,290 shares during the period. Heritage Wealth Management Inc. acquired a new stake in shares of Microchip Technology during the second quarter worth about $322,000. Sanctuary Advisors LLC acquired a new position in Microchip Technology in the 2nd quarter worth approximately $14,243,000. Strategic Investment Solutions Inc. IL purchased a new position in Microchip Technology during the 2nd quarter worth approximately $119,000. Finally, Heritage Oak Wealth Advisors LLC purchased a new position in Microchip Technology during the 2nd quarter worth approximately $714,000. 91.51% of the stock is currently 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.