Microchip Technology (NASDAQ:MCHP) Coverage Initiated at The Goldman Sachs Group

Equities researchers at The Goldman Sachs Group began coverage on shares of Microchip Technology (NASDAQ:MCHP - Get Free Report) in a research note issued on Thursday, Marketbeat reports. The brokerage set a "buy" rating and a $88.00 price target on the semiconductor company's stock. The Goldman Sachs Group's price target points to a potential upside of 17.21% from the stock's current price.

A number of other equities analysts also recently issued reports on the company. Evercore ISI upped their price target on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Needham & Company LLC restated a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Wall Street Zen upgraded shares of Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. KeyCorp boosted their price target on shares of Microchip Technology from $70.00 to $85.00 and gave the company an "overweight" rating in a research report on Tuesday. Finally, Cantor Fitzgerald initiated coverage on Microchip Technology in a report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.10.

Microchip Technology Stock Up 0.5%

Shares of NASDAQ:MCHP traded up $0.40 during trading hours on Thursday, reaching $75.08. The stock had a trading volume of 7,550,327 shares, compared to its average volume of 8,950,893. Microchip Technology has a 1 year low of $34.13 and a 1 year high of $96.98. The firm's 50 day moving average is $63.24 and its 200-day moving average is $56.12. The stock has a market capitalization of $40.52 billion, a price-to-earnings ratio of -7,508.00, a P/E/G ratio of 2.22 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. Microchip Technology's quarterly revenue was down 26.8% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. Research analysts predict that Microchip Technology will post 1.03 earnings per share for the current fiscal year.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer owned 34,313 shares in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the transaction, the director owned 3,468 shares in the company, valued at $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

Institutional Investors Weigh In On Microchip Technology

Institutional investors have recently made changes to their positions in the stock. Carderock Capital Management Inc. acquired a new stake in shares of Microchip Technology in the second quarter valued at about $39,000. Brady Family Wealth LLC purchased a new position in Microchip Technology in the second quarter valued at about $225,000. Fulton Bank N.A. lifted its position in shares of Microchip Technology by 39.6% during the 2nd quarter. Fulton Bank N.A. now owns 14,962 shares of the semiconductor company's stock valued at $1,053,000 after acquiring an additional 4,242 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Microchip Technology by 4.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 421,195 shares of the semiconductor company's stock worth $30,773,000 after acquiring an additional 17,366 shares in the last quarter. Finally, Atticus Wealth Management LLC acquired a new stake in shares of Microchip Technology in the 2nd quarter worth approximately $195,000. 91.51% of the stock is currently 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.