Microchip Technology (MCHP) Price Target Lowered to $96.00 at Morgan Stanley

Microchip Technology (NASDAQ:MCHP) had its price objective decreased by Morgan Stanley from $99.00 to $96.00 in a research note issued on Wednesday. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price objective indicates a potential upside of 20.15% from the stock’s current price.

A number of other equities analysts have also recently issued reports on MCHP. Bank of America cut their target price on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 26th. B. Riley restated a “buy” rating and set a $123.00 target price (up previously from $120.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Stifel Nicolaus restated a “buy” rating and set a $100.00 target price (up previously from $94.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Finally, Jefferies Group lifted their target price on shares of Microchip Technology from $106.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, November 7th. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and an average price target of $103.29.

Shares of Microchip Technology (NASDAQ MCHP) opened at $79.90 on Wednesday. The company has a quick ratio of 2.71, a current ratio of 2.98 and a debt-to-equity ratio of 0.95. Microchip Technology has a 52 week low of $69.76 and a 52 week high of $99.17. The company has a market cap of $19,429.39, a PE ratio of 16.52, a P/E/G ratio of 1.16 and a beta of 1.05.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.01. The company had revenue of $994.10 million during the quarter, compared to analysts’ expectations of $992.10 million. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The firm’s quarterly revenue was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 earnings per share. research analysts forecast that Microchip Technology will post 5.12 EPS for the current fiscal year.

In other news, CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the sale, the vice president now owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in MCHP. Atlantic Trust Group LLC grew its holdings in Microchip Technology by 255.3% in the third quarter. Atlantic Trust Group LLC now owns 1,381,312 shares of the semiconductor company’s stock valued at $124,014,000 after purchasing an additional 992,572 shares during the period. TimesSquare Capital Management LLC purchased a new stake in Microchip Technology in the third quarter valued at approximately $72,300,000. Janus Henderson Group PLC grew its holdings in Microchip Technology by 7.8% in the third quarter. Janus Henderson Group PLC now owns 8,703,575 shares of the semiconductor company’s stock valued at $781,389,000 after purchasing an additional 630,311 shares during the period. Ameriprise Financial Inc. grew its holdings in Microchip Technology by 20.3% in the third quarter. Ameriprise Financial Inc. now owns 2,891,973 shares of the semiconductor company’s stock valued at $259,643,000 after purchasing an additional 488,832 shares during the period. Finally, State Treasurer State of Michigan grew its holdings in Microchip Technology by 471.3% in the third quarter. State Treasurer State of Michigan now owns 430,572 shares of the semiconductor company’s stock valued at $38,657,000 after purchasing an additional 355,200 shares during the period.

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Microchip Technology Company Profile

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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