BidaskClub lowered shares of Microchip Technology (NASDAQ:MCHP) from a sell rating to a strong sell rating in a research report released on Tuesday morning.

Several other equities research analysts have also recently weighed in on MCHP. Argus upped their price target on Microchip Technology to $115.00 and gave the stock an average rating in a research note on Monday, June 25th. They noted that the move was a valuation call. Zacks Investment Research cut Microchip Technology from a buy rating to a hold rating in a research note on Tuesday. Nomura reduced their price target on Microchip Technology from $110.00 to $105.00 and set a buy rating on the stock in a research note on Friday, August 10th. KeyCorp reduced their price target on Microchip Technology from $116.00 to $111.00 and set an overweight rating on the stock in a research note on Friday, August 10th. Finally, TheStreet cut Microchip Technology from an a- rating to a c+ rating in a research note on Thursday, August 9th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Microchip Technology presently has a consensus rating of Buy and a consensus price target of $111.05.

Shares of NASDAQ:MCHP traded up $0.56 during trading on Tuesday, reaching $68.26. 5,407,325 shares of the company’s stock traded hands, compared to its average volume of 3,087,909. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96. Microchip Technology has a 12 month low of $65.13 and a 12 month high of $104.20. The company has a market cap of $18.59 billion, a PE ratio of 13.15, a P/E/G ratio of 0.83 and a beta of 1.10.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.13. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the firm earned $1.31 EPS. The company’s revenue for the quarter was up 24.7% compared to the same quarter last year. As a group, research analysts forecast that Microchip Technology will post 6.51 EPS for the current fiscal year.

In other Microchip Technology news, COO Ganesh Moorthy purchased 12,000 shares of the stock in a transaction dated Tuesday, August 14th. The shares were purchased at an average cost of $84.10 per share, with a total value of $1,009,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Stephen V. Drehobl sold 3,998 shares of the company’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $337,151.34. Following the sale, the vice president now owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Psagot Investment House Ltd. purchased a new stake in Microchip Technology during the second quarter valued at $125,000. Canada Pension Plan Investment Board increased its position in Microchip Technology by 14,030.0% in the second quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock worth $129,000 after buying an additional 1,403 shares in the last quarter. Summit Trail Advisors LLC increased its position in Microchip Technology by 9,097.1% in the first quarter. Summit Trail Advisors LLC now owns 138,325 shares of the semiconductor company’s stock worth $138,000 after buying an additional 136,821 shares in the last quarter. Spirit of America Management Corp NY increased its position in Microchip Technology by 95.2% in the third quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock worth $162,000 after buying an additional 1,000 shares in the last quarter. Finally, Prospera Financial Services Inc purchased a new stake in Microchip Technology in the second quarter worth about $200,000.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

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