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

Microchip Technology (NASDAQ:MCHP - Get Free Report) had its target price lowered by investment analysts at The Goldman Sachs Group from $72.00 to $63.00 in a report released on Friday,Benzinga reports. The firm presently has a "neutral" rating on the semiconductor company's stock. The Goldman Sachs Group's price objective points to a potential upside of 14.15% from the stock's previous close.

Several other research firms have also issued reports on MCHP. Piper Sandler cut their price target on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, November 6th. KeyCorp cut their price objective on Microchip Technology from $95.00 to $90.00 and set an "overweight" rating for the company in a research note on Tuesday, December 3rd. 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. StockNews.com raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a report on Friday, December 13th. Finally, Evercore ISI reissued an "outperform" rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and a consensus price target of $87.11.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $1.19 during midday trading on Friday, hitting $55.19. 7,632,827 shares of the stock traded hands, compared to its average volume of 7,771,687. The firm has a market capitalization of $29.64 billion, a P/E ratio of 38.59 and a beta of 1.52. Microchip Technology has a one year low of $54.47 and a one year high of $100.57. 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 firm has a 50-day moving average of $62.84 and a two-hundred day moving average of $75.00.

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

Hedge Funds Weigh In On Microchip Technology

A number of institutional investors and hedge funds have recently made changes to their positions in MCHP. Corundum Group Inc. lifted its holdings in shares of Microchip Technology by 3.4% in the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company's stock worth $346,000 after acquiring an additional 143 shares during the last quarter. Financial Advocates Investment Management lifted its stake in Microchip Technology by 1.5% in the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company's stock worth $867,000 after purchasing an additional 158 shares during the last quarter. Bruce G. Allen Investments LLC grew its stake in shares of Microchip Technology by 11.4% during the third quarter. Bruce G. Allen Investments LLC now owns 1,578 shares of the semiconductor company's stock valued at $127,000 after buying an additional 162 shares during the last quarter. Metis Global Partners LLC raised its holdings in shares of Microchip Technology by 1.0% in the third quarter. Metis Global Partners LLC now owns 17,161 shares of the semiconductor company's stock worth $1,378,000 after buying an additional 172 shares during the period. Finally, Parallel Advisors LLC lifted its stake in shares of Microchip Technology by 2.9% during the 2nd quarter. Parallel Advisors LLC now owns 6,351 shares of the semiconductor company's stock worth $581,000 after acquiring an additional 178 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

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.