Microchip Technology (NASDAQ:MCHP) Posts Quarterly Earnings Results, Misses Estimates By $0.15 EPS

Microchip Technology (NASDAQ:MCHP) announced its quarterly earnings data on Thursday. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15), Zacks reports. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%.

Microchip Technology Stock Performance

Microchip Technology stock traded down $0.39 on Thursday, hitting $53.11. The company’s stock had a trading volume of 12,489,292 shares, compared to its average volume of 8,650,477. The firm has a market cap of $28.52 billion, a P/E ratio of 37.14 and a beta of 1.50. 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 company has a fifty day moving average price of $58.34 and a 200-day moving average price of $70.38. Microchip Technology has a one year low of $51.37 and a one year high of $100.57.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. TD Cowen lowered their price objective on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Piper Sandler lowered their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Thursday. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Finally, B. Riley reduced their target price on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, January 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $81.67.

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.