The Goldman Sachs Group Raises Microchip Technology (NASDAQ:MCHP) Price Target to $88.00

Microchip Technology (NASDAQ:MCHP) had its price objective lifted by investment analysts at The Goldman Sachs Group from $77.00 to $88.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price objective would suggest a potential downside of 4.34% from the company’s current price.

MCHP has been the topic of a number of other reports. TD Cowen raised their target price on Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Truist Financial upped their target price on shares of Microchip Technology from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Tuesday. UBS Group cut their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Finally, Susquehanna increased their price objective on Microchip Technology from $100.00 to $105.00 and gave the stock a “positive” rating in a report on Tuesday. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $98.47.

Microchip Technology Stock Performance

MCHP stock opened at $91.99 on Tuesday. The stock’s 50 day simple moving average is $88.45 and its 200 day simple moving average is $85.37. Microchip Technology has a 12-month low of $68.75 and a 12-month high of $96.14. The firm has a market cap of $49.71 billion, a P/E ratio of 21.49, a P/E/G ratio of 2.79 and a beta of 1.60. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period last year, the firm posted $1.56 EPS. The company’s revenue for the quarter was down 40.6% on a year-over-year basis. As a group, equities research analysts predict that Microchip Technology will post 4.64 EPS for the current year.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Microchip Technology

A number of hedge funds have recently modified their holdings of the stock. Horizon Bancorp Inc. IN acquired a new position in Microchip Technology in the 4th quarter worth about $110,000. Rockline Wealth Management LLC bought a new position in shares of Microchip Technology during the 4th quarter valued at $4,449,000. 17 Capital Partners LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $1,827,000. AIA Group Ltd lifted its stake in shares of Microchip Technology by 80.4% in the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock valued at $2,697,000 after purchasing an additional 13,326 shares during the last quarter. Finally, GAM Holding AG boosted its holdings in Microchip Technology by 13.9% in the fourth quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock worth $13,128,000 after purchasing an additional 17,776 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.