BidaskClub downgraded shares of Microchip Technology (NASDAQ:MCHP) from a buy rating to a hold rating in a research report report published on Wednesday morning.
Several other equities analysts have also weighed in on MCHP. Zacks Investment Research lowered Microchip Technology from a buy rating to a hold rating in a report on Thursday, April 5th. Stifel Nicolaus restated an average rating and set a $112.00 target price on shares of Microchip Technology in a report on Tuesday, March 6th. Argus restated a buy rating and set a $90.00 target price (up from $79.90) on shares of Microchip Technology in a report on Friday, February 9th. Rosenblatt Securities restated a buy rating on shares of Microchip Technology in a report on Tuesday, March 6th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $130.00 price target on shares of Microchip Technology in a research report on Friday, March 2nd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $103.99.
NASDAQ MCHP opened at $88.00 on Wednesday. Microchip Technology has a fifty-two week low of $73.87 and a fifty-two week high of $101.48. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98. The stock has a market cap of $20,872.94, a price-to-earnings ratio of 17.74, a P/E/G ratio of 1.11 and a beta of 1.06.
In related news, Director Esther Johnson sold 2,275 shares of Microchip Technology stock in a transaction dated Wednesday, March 14th. The stock was sold at an average price of $97.90, for a total transaction of $222,722.50. Following the sale, the director now directly owns 6,081 shares of the company’s stock, valued at $595,329.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Mitchell R. Little sold 4,159 shares of Microchip Technology stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $84.14, for a total value of $349,938.26. Following the sale, the vice president now directly owns 15,767 shares in the company, valued at $1,326,635.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,667 shares of company stock worth $3,132,552. 2.13% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Squar Milner Financial Services LLC acquired a new stake in Microchip Technology during the fourth quarter worth about $205,000. Twin Tree Management LP grew its position in Microchip Technology by 126.2% during the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock worth $194,000 after buying an additional 10,646 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new stake in Microchip Technology during the fourth quarter valued at approximately $198,000. Gillespie Robinson & Grimm Inc. acquired a new stake in Microchip Technology during the fourth quarter valued at approximately $202,000. Finally, Laurel Wealth Advisors Inc. acquired a new stake in Microchip Technology during the fourth quarter valued at approximately $228,000.
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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; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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