Microchip Technology Inc. (NASDAQ:MCHP) was downgraded by research analysts at Goldman Sachs from a “neutral” rating to a “sell” rating in a report released on Tuesday, The Fly reports.

Microchip Technology (NASDAQ:MCHP) traded down 1.53% during mid-day trading on Tuesday, hitting $42.52. 650,539 shares of the stock traded hands. The stock has a 50-day moving average of $44.54 and a 200 day moving average of $44.71. Microchip Technology has a 1-year low of $37.77 and a 1-year high of $52.44. The firm has a market cap of $8.64 billion and a price-to-earnings ratio of 24.59.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.03. During the same quarter in the prior year, the business earned $0.67 EPS. The firm had revenue of $559.40 million for the quarter, compared to analysts’ expectations of $552.78 million. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, equities analysts expect that Microchip Technology will post $2.62 EPS for the current year.

A number of large investors recently bought and sold shares of MCHP. Assetmark increased its stake in Microchip Technology by 317.8% in the third quarter. Assetmark now owns 217,542 shares of the company’s stock valued at $9,374,000 after buying an additional 165,472 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new stake in Microchip Technology during the fourth quarter valued at $3,490,000. Community Bank & Trust of Waco, Texas bought a new stake in Microchip Technology during the fourth quarter valued at $2,591,000. Honeywell International Inc. increased its stake in Microchip Technology by 5.8% in the fourth quarter. Honeywell International Inc. now owns 918,200 shares of the company’s stock valued at $42,733,000 after buying an additional 50,300 shares during the last quarter. Finally, Regions Financial Corp increased its stake in Microchip Technology by 26.8% in the fourth quarter. Regions Financial Corp now owns 216,046 shares of the company’s stock valued at $10,054,000 after buying an additional 45,621 shares during the last quarter.

A number of other analysts have also issued reports on the stock. Needham & Company LLC upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Thursday, January 14th. Morgan Stanley upgraded shares of Microchip Technology from an “equal weight” rating to an “overweight” rating and set a $55.00 price objective on the stock in a research note on Tuesday, January 19th. Vetr lowered shares of Microchip Technology from a “strong-buy” rating to a “buy” rating and set a $51.12 price target for the company. in a research note on Wednesday, December 16th. Zacks Investment Research upgraded shares of Microchip Technology from a “strong sell” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, October 6th. Finally, Jefferies Group restated a “buy” rating and issued a $55.00 price target on shares of Microchip Technology in a research note on Monday, November 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $52.89.

In other news, VP Stephen V. Drehobl sold 3,953 shares of the business’s stock in a transaction on Monday, November 23rd. The shares were sold at an average price of $47.16, for a total transaction of $186,423.48. Following the completion of the transaction, the vice president now owns 11,101 shares of the company’s stock, valued at $523,523.16. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,064 shares of the business’s stock in a transaction on Monday, November 23rd. The shares were sold at an average price of $47.09, for a total transaction of $97,193.76. The disclosure for this sale can be found here.

Microchip Technology Incorporated develops, manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments, including semiconductor products and technology licensing. The Company’s product portfolio consists of general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; linear, mixed-signal, power management; thermal management; Radio-frequency (NASDAQ:MCHP), safety, security, wired connectivity and wireless connectivity devices, as well as serial EEPROMs, Serial Flash memories, Parallel Flash memories and serial Static Random Access Memory (SRAM). The Company also licenses Flash-IP solutions that are incorporated in a range of products. The Company’s products are applicable in the automotive, communications, computing, consumer and industrial control markets.

12 Month Chart for NASDAQ:MCHP

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