Zacks Investment Research lowered shares of Microchip Technology (NASDAQ:MCHP) from a hold rating to a sell rating in a research note issued to investors on Friday morning, Zacks.com reports. They currently have $96.00 target price on the semiconductor company’s stock.

According to Zacks, “Microchip is benefiting from robust demand for 8-bit, 16-bit and 32-bit microcontrollers. Microchip also rides on strong demand for memory and analog and interface products. We believe that Microchip's expanding portfolio driven by new product roll outs will continue to expand customer base. Moreover, the company is well poised to capitalize on synergies from accretive Microsemi and Amtel acquisitions. However, Microchip is bearing the brunt of increasing lead time, slim demand trends in ZTE and Bitcoin business domains. Further, significant exposure to Asian markets amid imposition of tariff owing to trade war between the US and China is likely to weigh on margin expansion. Additionally, significant debt burden amid increasing expenses on product development remain major concerns.”

Several other research analysts have also weighed in on MCHP. BidaskClub lowered Orthofix Medical from a buy rating to a hold rating in a report on Monday, May 20th. Mizuho lifted their target price on Microchip Technology from $95.00 to $100.00 and gave the stock a buy rating in a report on Thursday, May 9th. Longbow Research began coverage on Microchip Technology in a report on Tuesday, July 9th. They set a neutral rating and a $87.93 target price on the stock. B. Riley lifted their target price on Airgain from $19.00 to $22.00 and gave the stock a buy rating in a report on Monday, May 6th. Finally, Wells Fargo & Co restated a buy rating on shares of Allergan in a report on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $102.89.

MCHP stock opened at $92.60 on Friday. The business’s 50-day simple moving average is $85.60. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $22.03 billion, a price-to-earnings ratio of 15.23, a PEG ratio of 1.24 and a beta of 1.42. Microchip Technology has a 1-year low of $60.70 and a 1-year high of $101.35.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.40 by $0.08. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The company’s revenue for the quarter was up 32.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.40 earnings per share. On average, sell-side analysts expect that Microchip Technology will post 5.53 earnings per share for the current year.

In other news, VP James Eric Bjornholt sold 2,188 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.13% of the company’s stock.

Several institutional investors have recently modified their holdings of MCHP. OLD National Bancorp IN increased its position in shares of Microchip Technology by 115.1% in the second quarter. OLD National Bancorp IN now owns 73,870 shares of the semiconductor company’s stock valued at $6,405,000 after acquiring an additional 39,523 shares during the last quarter. Raymond James Trust N.A. increased its position in shares of Microchip Technology by 5.4% in the second quarter. Raymond James Trust N.A. now owns 24,084 shares of the semiconductor company’s stock valued at $2,088,000 after acquiring an additional 1,233 shares during the last quarter. CENTRAL TRUST Co increased its position in Microchip Technology by 31.3% during the second quarter. CENTRAL TRUST Co now owns 12,556 shares of the semiconductor company’s stock worth $1,127,000 after buying an additional 2,992 shares during the last quarter. Jackson Wealth Management LLC acquired a new position in Microchip Technology during the second quarter worth approximately $1,003,000. Finally, Xact Kapitalforvaltning AB increased its position in Microchip Technology by 11.3% during the second quarter. Xact Kapitalforvaltning AB now owns 45,714 shares of the semiconductor company’s stock worth $3,963,000 after buying an additional 4,645 shares during the last quarter.

Microchip Technology Company Profile

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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