Morgan Stanley Issues Pessimistic Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

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

MCHP has been the subject of a number of other research reports. The Goldman Sachs Group reduced their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. B. Riley dropped their price objective on Microchip Technology from $93.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, January 24th. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, Mizuho lowered their price target on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $52.60 on Tuesday. Microchip Technology has a fifty-two week low of $51.37 and a fifty-two week high of $100.57. The business has a 50 day moving average price of $58.94 and a two-hundred day moving average price of $70.76. 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 market cap of $28.25 billion, a PE ratio of 36.78 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during 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 business’s revenue was down 48.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.54 EPS. Sell-side analysts expect that Microchip Technology will post 1.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Microchip Technology

Several large investors have recently made changes to their positions in MCHP. Prospera Private Wealth LLC acquired a new position in shares of Microchip Technology during the 3rd quarter worth about $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $32,000. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology in the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology in the 3rd quarter valued at approximately $34,000. Finally, Wolff Wiese Magana LLC grew its position in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 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.