Microchip Technology Incorporated (MCHP) Downgraded by Morgan Stanley

Microchip Technology Incorporated (NASDAQ:MCHP) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday, November 1st, MarketBeat Ratings reports.

A number of other equities research analysts have also recently commented on MCHP. Needham & Company LLC reissued a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a report on Friday, September 8th. B. Riley reissued a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a report on Wednesday, August 9th. Jefferies Group LLC reissued a “buy” rating on shares of Microchip Technology in a report on Monday, July 10th. BidaskClub cut Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Microchip Technology in a report on Friday, August 4th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $99.41.

Microchip Technology (MCHP) opened at $91.39 on Wednesday. The stock has a market capitalization of $21,310.00, a price-to-earnings ratio of 19.34, a PEG ratio of 1.46 and a beta of 1.05. The company has a quick ratio of 2.71, a current ratio of 3.33 and a debt-to-equity ratio of 0.85. Microchip Technology has a 52 week low of $60.77 and a 52 week high of $95.92.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. Microchip Technology’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.94 earnings per share. research analysts predict that Microchip Technology will post 5.12 earnings per share for the current year.

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Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Microchip Technology by 4.6% during the second quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock worth $1,823,190,000 after purchasing an additional 1,042,622 shares in the last quarter. State Street Corp increased its position in shares of Microchip Technology by 0.7% in the 2nd quarter. State Street Corp now owns 8,948,443 shares of the semiconductor company’s stock valued at $690,652,000 after acquiring an additional 58,577 shares during the period. Janus Henderson Group PLC increased its position in shares of Microchip Technology by 7.8% in the 3rd quarter. Janus Henderson Group PLC now owns 8,703,575 shares of the semiconductor company’s stock valued at $781,389,000 after acquiring an additional 630,311 shares during the period. Principal Financial Group Inc. increased its position in shares of Microchip Technology by 66.5% in the 2nd quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock valued at $484,434,000 after acquiring an additional 2,507,707 shares during the period. Finally, Fred Alger Management Inc. increased its position in shares of Microchip Technology by 80.9% in the 2nd quarter. Fred Alger Management Inc. now owns 3,349,037 shares of the semiconductor company’s stock valued at $258,479,000 after acquiring an additional 1,497,699 shares during the period.

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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