The Goldman Sachs Group Issues Pessimistic Forecast for Microchip Technology (NASDAQ:MCHP) Stock Price

Microchip Technology (NASDAQ:MCHP) had its price objective cut by analysts at The Goldman Sachs Group from $72.00 to $63.00 in a research note issued to investors 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 15.01% from the company’s previous close.

Several other research analysts have also issued reports on the company. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. TD Cowen cut their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. Stifel Nicolaus decreased their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. 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. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $88.32.

Microchip Technology Stock Performance

Shares of MCHP traded down $1.60 on Friday, reaching $54.78. 1,802,476 shares of the stock traded hands, compared to its average volume of 6,774,966. The stock’s 50-day moving average price is $63.23 and its 200-day moving average price is $75.24. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market cap of $29.42 billion, a price-to-earnings ratio of 38.31 and a beta of 1.52. Microchip Technology has a 12 month low of $54.61 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $1.54 EPS. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. Equities analysts forecast that Microchip Technology will post 1.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MCHP. Prospera Private Wealth LLC bought a new position in Microchip Technology in the third quarter valued at approximately $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology during the third quarter worth about $34,000. Truvestments Capital LLC bought a new stake in Microchip Technology in the 3rd quarter valued at approximately $34,000. Wolff Wiese Magana LLC boosted its position in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares during the last quarter. Finally, Hobbs Group Advisors LLC boosted its position in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds 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.