Mizuho Issues Pessimistic Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its target price cut by stock analysts at Mizuho from $85.00 to $72.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the semiconductor company’s stock. Mizuho’s target price points to a potential upside of 30.46% from the company’s current price.

MCHP has been the topic of several other research reports. Citigroup reduced their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. Stifel Nicolaus reduced their price target on Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Tuesday, December 3rd. Jefferies Financial Group reduced their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $85.00 price target on shares of Microchip Technology in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $87.11.

Microchip Technology Trading Down 2.1 %

Shares of MCHP stock opened at $55.19 on Friday. The stock’s fifty day moving average is $62.84 and its two-hundred day moving average is $74.91. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm has a market capitalization of $29.64 billion, a P/E ratio of 38.59 and a beta of 1.52. Microchip Technology has a fifty-two week low of $54.47 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the firm posted $1.54 EPS. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. Research analysts expect that Microchip Technology will post 1.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Microchip Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the third quarter worth about $29,000. Peterson Financial Group Inc. acquired a new position in shares of Microchip Technology during the third quarter worth about $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology during the third quarter worth about $34,000. Wolff Wiese Magana LLC grew its position in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares in the last quarter. Finally, Hobbs Group Advisors LLC grew its position in shares of Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after buying an additional 500 shares in 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.