Microchip Technology (NASDAQ:MCHP) Now Covered by The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of Microchip Technology (NASDAQ:MCHP - Get Free Report) in a note issued to investors on Thursday,Benzinga reports. The brokerage set a "buy" rating and a $88.00 price target on the semiconductor company's stock. The Goldman Sachs Group's target price suggests a potential upside of 17.84% from the company's previous close.

Other equities research analysts have also issued reports about the company. Needham & Company LLC reissued a "buy" rating and set a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. Morgan Stanley increased their target price on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a report on Friday, May 9th. TD Cowen lifted their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Stifel Nicolaus boosted their price objective on shares of Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, KeyCorp raised their target price on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $75.10.

Microchip Technology Price Performance

Shares of MCHP stock opened at $74.68 on Thursday. The firm has a fifty day moving average of $63.24 and a two-hundred day moving average of $56.12. The firm has a market cap of $40.30 billion, a P/E ratio of -7,468.00, a P/E/G ratio of 2.22 and a beta of 1.52. Microchip Technology has a 1-year low of $34.13 and a 1-year high of $96.98. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same period last year, the firm earned $0.57 earnings per share. The company's revenue for the quarter was down 26.8% compared to the same quarter last year. As a group, research analysts anticipate 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 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 transaction, the chief financial officer owned 34,313 shares in the company, valued at $1,913,979.14. This represents a 5.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director owned 3,468 shares in the company, valued at $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Microchip Technology

Hedge funds have recently modified their holdings of the company. Proficio Capital Partners LLC bought a new stake in Microchip Technology in the fourth quarter worth about $3,818,000. Independent Advisor Alliance grew its stake in shares of Microchip Technology by 136.2% in the 4th quarter. Independent Advisor Alliance now owns 10,627 shares of the semiconductor company's stock worth $609,000 after purchasing an additional 6,127 shares during the last quarter. AGF Management Ltd. acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $405,000. HighTower Advisors LLC raised its holdings in shares of Microchip Technology by 5.6% in the 4th quarter. HighTower Advisors LLC now owns 95,983 shares of the semiconductor company's stock worth $5,505,000 after purchasing an additional 5,097 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Microchip Technology by 55.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,988 shares of the semiconductor company's stock valued at $171,000 after purchasing an additional 1,069 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.