Mizuho Cuts Microchip Technology (NASDAQ:MCHP) Price Target to $72.00

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its target price decreased by stock analysts at Mizuho from $85.00 to $72.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the semiconductor company's stock. Mizuho's price target indicates a potential upside of 30.46% from the company's current price.

Several other research analysts also recently weighed in on the stock. Evercore ISI reaffirmed an "outperform" rating and issued a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Bank of America cut Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Jefferies Financial Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, November 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 target price on shares of Microchip Technology in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group decreased their price target on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average price target of $87.11.

Microchip Technology Stock Down 2.1 %

MCHP traded down $1.19 during midday trading on Friday, reaching $55.19. The company's stock had a trading volume of 7,632,827 shares, compared to its average volume of 7,771,687. Microchip Technology has a 1 year low of $54.47 and a 1 year high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $29.64 billion, a price-to-earnings ratio of 38.59 and a beta of 1.52. The stock's 50-day moving average is $63.23 and its 200-day moving average is $75.24.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results 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. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter in the prior year, the business earned $1.54 EPS. The business's revenue for the quarter was down 48.4% compared to the same quarter last year. As a group, research analysts expect that Microchip Technology will post 1.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MCHP. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Microchip Technology by 2,390.5% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,291,290 shares of the semiconductor company's stock worth $209,653,000 after buying an additional 2,199,290 shares in the last quarter. Van ECK Associates Corp lifted its stake in Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company's stock worth $599,239,000 after acquiring an additional 1,597,263 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Microchip Technology by 78.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company's stock worth $200,329,000 after acquiring an additional 961,801 shares in the last quarter. Franklin Resources Inc. increased its position in Microchip Technology by 30.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company's stock valued at $264,430,000 after purchasing an additional 776,408 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Microchip Technology by 21.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company's stock valued at $301,797,000 after purchasing an additional 575,087 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

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.