Microchip Technology (NASDAQ:MCHP) had its target price trimmed by Morgan Stanley from $95.00 to $75.00 in a report released on Wednesday morning, The Fly reports. The brokerage currently has an equal weight rating on the semiconductor company’s stock.

MCHP has been the topic of several other research reports. BidaskClub downgraded Microchip Technology from a buy rating to a hold rating in a report on Thursday, July 26th. Cfra reissued a buy rating and issued a $110.00 price target on shares of Microchip Technology in a research note on Wednesday, September 19th. TheStreet downgraded Microchip Technology from an a- rating to a c+ rating in a research note on Thursday, August 9th. ValuEngine downgraded Microchip Technology from a hold rating to a sell rating in a research note on Tuesday, August 14th. Finally, Needham & Company LLC cut their price target on Microchip Technology from $130.00 to $120.00 and set a strong-buy rating on the stock in a research note on Monday, August 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $111.05.

NASDAQ:MCHP traded up $0.56 during trading hours on Wednesday, hitting $68.26. 5,407,325 shares of the stock were exchanged, compared to its average volume of 3,087,909. Microchip Technology has a twelve month low of $65.13 and a twelve month high of $104.20. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32. The company has a market cap of $18.59 billion, a price-to-earnings ratio of 13.15, a P/E/G ratio of 0.83 and a beta of 1.10.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter in the prior year, the business earned $1.31 EPS. The business’s revenue for the quarter was up 24.7% compared to the same quarter last year. On average, equities analysts predict that Microchip Technology will post 6.51 EPS for the current fiscal year.

In other Microchip Technology news, COO Ganesh Moorthy purchased 12,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The stock was bought at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen V. Drehobl sold 3,998 shares of Microchip Technology stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total transaction of $337,151.34. Following the completion of the sale, the vice president now owns 16,931 shares of the company’s stock, valued at $1,427,791.23. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Psagot Investment House Ltd. acquired a new stake in shares of Microchip Technology in the second quarter valued at approximately $125,000. Canada Pension Plan Investment Board increased its stake in Microchip Technology by 14,030.0% in the second quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after acquiring an additional 1,403 shares during the last quarter. Spirit of America Management Corp NY increased its stake in Microchip Technology by 95.2% in the third quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock valued at $162,000 after acquiring an additional 1,000 shares during the last quarter. Prospera Financial Services Inc bought a new position in Microchip Technology in the second quarter valued at approximately $200,000. Finally, Homrich & Berg bought a new position in Microchip Technology in the second quarter valued at approximately $202,000.

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; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

Read More: How Investors Use a Balance Sheet

The Fly

Analyst Recommendations for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.