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

Microchip Technology (NASDAQ:MCHP) had its price target decreased by Morgan Stanley from $71.00 to $58.00 in a research report sent to investors on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the semiconductor company’s stock.

MCHP has been the subject of several other research reports. Evercore ISI reiterated an “outperform” rating and issued a $95.00 price objective (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Jefferies Financial Group decreased their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Citigroup decreased their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group cut their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.67.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $52.60 on Tuesday. The business has a 50-day moving average of $58.94 and a 200 day moving average of $70.76. Microchip Technology has a 12 month low of $51.37 and a 12 month high of $100.57. The stock has a market capitalization of $28.25 billion, a price-to-earnings ratio of 36.78 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.54 EPS. As a group, sell-side analysts forecast that Microchip Technology will post 1.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MCHP. Prospera Private Wealth LLC acquired a new stake in Microchip Technology in the third quarter valued at $29,000. Financial Life Planners acquired a new stake in Microchip Technology in the 4th quarter worth about $32,000. Peterson Financial Group Inc. acquired a new stake in Microchip Technology in the 3rd quarter worth about $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth about $34,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

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.