Microchip Technology (NASDAQ:MCHP – Get Rating) was downgraded by analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a note issued to investors on Sunday, MarketBeat reports. They presently have a $79.00 target price on the semiconductor company’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 2.00% from the stock’s previous close.
Other equities research analysts have also recently issued reports about the company. Susquehanna reaffirmed a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Friday, February 4th. JPMorgan Chase & Co. boosted their target price on Microchip Technology from $104.00 to $105.00 and gave the company an “overweight” rating in a research note on Friday, February 4th. Rosenblatt Securities boosted their target price on Microchip Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, February 4th. Bank of America decreased their target price on Microchip Technology from $100.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, February 4th. Finally, B. Riley decreased their target price on Microchip Technology from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, February 4th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $97.18.
Shares of Microchip Technology stock opened at $77.45 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.81 and a debt-to-equity ratio of 1.36. Microchip Technology has a 12 month low of $64.26 and a 12 month high of $90.00. The business has a fifty day simple moving average of $73.17 and a 200 day simple moving average of $87.10. The stock has a market cap of $43.06 billion, a PE ratio of 45.56, a price-to-earnings-growth ratio of 0.91 and a beta of 1.56.
Microchip Technology (NASDAQ:MCHP – Get Rating) last announced its quarterly earnings data on Thursday, February 3rd. The semiconductor company reported $1.11 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.03. Microchip Technology had a return on equity of 38.44% and a net margin of 14.95%. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same period in the previous year, the firm earned $0.72 earnings per share. Analysts expect that Microchip Technology will post 4.18 EPS for the current fiscal year.
In other Microchip Technology news, VP Mitchell R. Little sold 3,613 shares of the company’s stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $70.93, for a total value of $256,270.09. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 1,885 shares of the company’s stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $70.93, for a total value of $133,703.05. The disclosure for this sale can be found here. Insiders have sold 6,498 shares of company stock worth $460,903 in the last quarter. 2.03% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in MCHP. Koshinski Asset Management Inc. bought a new stake in Microchip Technology in the third quarter valued at approximately $65,000. Private Advisor Group LLC raised its stake in Microchip Technology by 85.1% in the third quarter. Private Advisor Group LLC now owns 55,950 shares of the semiconductor company’s stock valued at $8,587,000 after buying an additional 25,728 shares during the period. DNB Asset Management AS grew its position in shares of Microchip Technology by 5.6% in the third quarter. DNB Asset Management AS now owns 31,379 shares of the semiconductor company’s stock valued at $4,816,000 after purchasing an additional 1,675 shares during the last quarter. NEXT Financial Group Inc grew its position in shares of Microchip Technology by 351.3% in the third quarter. NEXT Financial Group Inc now owns 9,717 shares of the semiconductor company’s stock valued at $1,492,000 after purchasing an additional 7,564 shares during the last quarter. Finally, Cahaba Wealth Management Inc. acquired a new position in shares of Microchip Technology in the third quarter valued at approximately $430,000. Hedge funds and other institutional investors own 55.64% of the company’s stock.
Microchip Technology Company Profile (Get Rating)
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
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