Microchip Technology (NASDAQ:MCHP) Price Target Cut to $58.00 by Analysts at Morgan Stanley

Microchip Technology (NASDAQ:MCHP) had its price objective reduced by stock analysts at Morgan Stanley from $71.00 to $58.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s target price would suggest a potential upside of 10.02% from the company’s current price.

A number of other research analysts have also issued reports on the stock. B. Riley decreased their target price on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, January 24th. Stifel Nicolaus reduced their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Tuesday, December 3rd. Susquehanna reduced their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Mizuho dropped their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Finally, TD Cowen dropped their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $0.46 on Tuesday, reaching $52.72. The stock had a trading volume of 2,257,872 shares, compared to its average volume of 8,052,833. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The firm’s 50-day moving average is $58.94 and its two-hundred day moving average is $70.76. The firm has a market capitalization of $28.31 billion, a price-to-earnings ratio of 36.86 and a beta of 1.50. Microchip Technology has a 12 month low of $51.37 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 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 business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the prior year, the business earned $1.54 EPS. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. On average, research analysts expect that Microchip Technology will post 1.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Microchip Technology

A number of large investors have recently bought and sold shares of MCHP. Corundum Group Inc. lifted its position in shares of Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 143 shares in the last quarter. Financial Advocates Investment Management raised its position in shares of Microchip Technology by 1.5% in the third 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 period. Bruce G. Allen Investments LLC raised its position in shares of Microchip Technology by 11.4% in the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company’s stock valued at $127,000 after purchasing an additional 162 shares during the period. Metis Global Partners LLC grew its stake in Microchip Technology by 1.0% during the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company’s stock valued at $1,378,000 after acquiring an additional 172 shares in the last quarter. Finally, Americana Partners LLC grew its stake in Microchip Technology by 5.5% during the third quarter. Americana Partners LLC now owns 3,441 shares of the semiconductor company’s stock valued at $276,000 after acquiring an additional 179 shares in the last quarter. 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.