The Goldman Sachs Group Lowers Microchip Technology (NASDAQ:MCHP) Price Target to $63.00

Microchip Technology (NASDAQ:MCHP) had its price objective lowered by The Goldman Sachs Group from $72.00 to $63.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 15.01% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Susquehanna reduced their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Rosenblatt Securities reiterated a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research note on Wednesday, November 6th. Evercore ISI restated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a report on Tuesday, December 3rd. Finally, Piper Sandler cut their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $88.32.

Microchip Technology Stock Down 2.8 %

NASDAQ MCHP traded down $1.60 during trading hours on Friday, hitting $54.78. 1,802,476 shares of the company traded hands, compared to its average volume of 6,774,966. Microchip Technology has a twelve month low of $54.61 and a twelve month high of $100.57. The stock has a market capitalization of $29.42 billion, a price-to-earnings ratio of 38.31 and a beta of 1.52. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The business’s 50-day moving average is $63.23 and its 200-day moving average is $75.24.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s revenue was down 48.4% on a year-over-year basis. During the same period last year, the business earned $1.54 earnings per share. Sell-side analysts anticipate that Microchip Technology will post 1.33 earnings per share for the current year.

Institutional Inflows and Outflows

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

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.