Microchip Technology Inc. (NASDAQ:MCHP) CEO Steve Sanghi sold 20,124 shares of the stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $94.80, for a total transaction of $1,907,755.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
Shares of Microchip Technology Inc. (MCHP) traded down $0.78 during trading hours on Wednesday, reaching $97.25. 2,345,543 shares of the company traded hands, compared to its average volume of 4,240,000. The company has a market cap of $22,790.00, a P/E ratio of 26.79, a price-to-earnings-growth ratio of 1.34 and a beta of 1.08. Microchip Technology Inc. has a fifty-two week low of $71.40 and a fifty-two week high of $101.48. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The firm had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.05 earnings per share. equities analysts predict that Microchip Technology Inc. will post 5.13 earnings per share for the current fiscal year.
Several research firms recently issued reports on MCHP. Stifel Nicolaus reiterated an “average” rating and set a $112.00 price target on shares of Microchip Technology in a research report on Tuesday, March 6th. Goldman Sachs Group upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and increased their price target for the stock from $95.57 to $108.00 in a research report on Thursday, March 8th. Rosenblatt Securities reiterated a “buy” rating on shares of Microchip Technology in a research report on Tuesday, March 6th. Zacks Investment Research lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 9th. Finally, BidaskClub downgraded shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 26th. Four investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $103.04.
Several hedge funds have recently added to or reduced their stakes in MCHP. Nationwide Fund Advisors raised its stake in shares of Microchip Technology by 2.1% during the third quarter. Nationwide Fund Advisors now owns 188,267 shares of the semiconductor company’s stock valued at $16,903,000 after acquiring an additional 3,795 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of Microchip Technology by 8.1% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 676,296 shares of the semiconductor company’s stock valued at $60,719,000 after acquiring an additional 50,567 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Microchip Technology by 1.1% during the third quarter. State Board of Administration of Florida Retirement System now owns 311,699 shares of the semiconductor company’s stock valued at $27,984,000 after acquiring an additional 3,410 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Microchip Technology by 10.0% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 35,249 shares of the semiconductor company’s stock valued at $3,165,000 after acquiring an additional 3,198 shares during the last quarter. Finally, Polaris Greystone Financial Group LLC bought a new position in shares of Microchip Technology during the third quarter valued at $19,229,000.
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Microchip Technology Company Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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