Microchip Technology (NASDAQ:MCHP) Given New $63.00 Price Target at The Goldman Sachs Group

Microchip Technology (NASDAQ:MCHP) had its target price dropped by stock analysts at The Goldman Sachs Group from $72.00 to $63.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 14.15% from the stock’s previous close.

A number of other equities analysts have also commented on MCHP. Susquehanna reduced their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a report on Tuesday, December 3rd. Citigroup decreased their price target on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, Piper Sandler decreased their target price on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $87.11.

Microchip Technology Trading Down 2.1 %

Shares of MCHP opened at $55.19 on Friday. 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 stock has a market cap of $29.64 billion, a PE ratio of 38.59 and a beta of 1.52. Microchip Technology has a 1 year low of $54.47 and a 1 year high of $100.57. The stock has a 50 day simple moving average of $62.84 and a 200-day simple moving average of $74.91.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the company posted $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% compared to the same quarter last year. On average, sell-side analysts predict that Microchip Technology will post 1.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCHP. Acadian Asset Management LLC acquired a new position in shares of Microchip Technology during the 2nd quarter worth about $788,000. LPL Financial LLC grew its holdings in Microchip Technology by 15.3% during the second quarter. LPL Financial LLC now owns 370,233 shares of the semiconductor company’s stock valued at $33,876,000 after purchasing an additional 49,139 shares during the period. Johnson Investment Counsel Inc. grew its holdings in Microchip Technology by 6.9% during the second quarter. Johnson Investment Counsel Inc. now owns 12,034 shares of the semiconductor company’s stock valued at $1,101,000 after purchasing an additional 779 shares during the period. Vest Financial LLC increased its stake in Microchip Technology by 9.3% in the second quarter. Vest Financial LLC now owns 3,874 shares of the semiconductor company’s stock valued at $354,000 after purchasing an additional 330 shares in the last quarter. Finally, Meeder Advisory Services Inc. raised its holdings in Microchip Technology by 42.5% in the second quarter. Meeder Advisory Services Inc. now owns 14,234 shares of the semiconductor company’s stock worth $1,302,000 after purchasing an additional 4,245 shares during the period. Institutional investors own 91.51% of the company’s stock.

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.