The Goldman Sachs Group Has Lowered Expectations for Microchip Technology (NASDAQ:MCHP) Stock Price

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

A number of other equities analysts also recently commented on MCHP. Susquehanna dropped their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. TD Cowen dropped their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Rosenblatt Securities reissued a “buy” rating and set a $90.00 target price on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $87.11.

Microchip Technology Trading Down 2.1 %

Shares of NASDAQ:MCHP opened at $55.19 on Friday. The firm has a fifty day moving average of $62.84 and a two-hundred day moving average of $74.91. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology has a 12-month low of $54.47 and a 12-month high of $100.57. 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 (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, beating analysts’ consensus estimates 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 analysts’ expectations of $1.15 billion. During the same quarter last year, the firm earned $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, equities analysts expect that Microchip Technology will post 1.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Microchip Technology

Several hedge funds have recently made changes to their positions in MCHP. Healthcare of Ontario Pension Plan Trust Fund increased its stake in 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 period. Van ECK Associates Corp grew its holdings in shares of 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 in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Microchip Technology by 78.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,189,390 shares of the semiconductor company’s stock valued at $200,329,000 after purchasing an additional 961,801 shares during the period. Franklin Resources Inc. raised its stake in shares of Microchip Technology by 30.2% in the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in 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 worth $301,797,000 after purchasing an additional 575,087 shares during the period. Institutional investors own 91.51% of the company’s stock.

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.