Morgan Stanley Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $58.00

Microchip Technology (NASDAQ:MCHP) had its price target reduced by research analysts at Morgan Stanley from $71.00 to $58.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective points to a potential upside of 8.41% from the stock’s previous close.

Other analysts have also issued research reports about the company. Piper Sandler dropped their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. B. Riley cut their price target on Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a report on Friday, January 24th. Jefferies Financial Group decreased their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group cut their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.67.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $53.50 on Tuesday. The company has a fifty day moving average price of $58.62 and a 200 day moving average price of $70.50. The firm has a market cap of $28.73 billion, a PE ratio of 37.41 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology has a 1-year low of $51.37 and a 1-year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the company earned $1.54 earnings per share. The firm’s revenue was down 48.4% compared to the same quarter last year. Research analysts predict that Microchip Technology will post 1.31 earnings per share for the current fiscal year.

Institutional Trading of Microchip Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. Corundum Group Inc. raised its stake in Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after acquiring an additional 143 shares in the last quarter. Financial Advocates Investment Management grew its holdings in shares of Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock valued at $867,000 after purchasing an additional 158 shares during the last quarter. Bruce G. Allen Investments LLC increased its position in Microchip Technology by 11.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock worth $127,000 after purchasing an additional 162 shares in the last quarter. Metis Global Partners LLC lifted its stake in Microchip Technology by 1.0% in the 3rd quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after purchasing an additional 172 shares during the last quarter. Finally, Americana Partners LLC boosted its position in Microchip Technology by 5.5% in the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock valued at $276,000 after buying an additional 179 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

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.