Microchip Technology (NASDAQ:MCHP) Price Target Lowered to $72.00 at Mizuho

Microchip Technology (NASDAQ:MCHP) had its target price reduced by equities research analysts at Mizuho from $85.00 to $72.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the semiconductor company’s stock. Mizuho’s price objective would indicate a potential upside of 31.17% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus dropped their price target on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday, December 3rd. TD Cowen dropped their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. The Goldman Sachs Group decreased their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.11.

Microchip Technology Trading Down 2.6 %

MCHP stock traded down $1.49 during trading on Friday, hitting $54.89. The company had a trading volume of 3,021,493 shares, compared to its average volume of 6,971,096. The stock has a market cap of $29.48 billion, a price-to-earnings ratio of 38.38 and a beta of 1.52. 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 has a 50-day moving average price of $63.23 and a 200-day moving average price of $75.24. Microchip Technology has a 12 month low of $54.47 and a 12 month high of $100.57.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its stake in Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after buying an additional 1,597,263 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Microchip Technology by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock valued at $407,660,000 after purchasing an additional 103,807 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Microchip Technology by 30.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Microchip Technology by 21.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after purchasing an additional 575,087 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in Microchip Technology by 4.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,164,101 shares of the semiconductor company’s stock valued at $289,515,000 after purchasing an additional 136,995 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

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.