Microchip Technology Inc. (NASDAQ:MCHP)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $53.22 and last traded at $53.19, with a volume of 1,164,098 shares traded. The stock had previously closed at $52.35.

A number of research firms have recently commented on MCHP. B. Riley reaffirmed a “buy” rating and issued a $61.50 price target on shares of Microchip Technology in a report on Sunday, April 10th. Morgan Stanley reaffirmed a “buy” rating and issued a $54.00 price target on shares of Microchip Technology in a report on Thursday, May 5th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $52.00 price target on shares of Microchip Technology in a report on Wednesday, April 6th. Jefferies Group reaffirmed a “buy” rating and issued a $56.00 price target (up from $53.00) on shares of Microchip Technology in a report on Saturday, May 7th. Finally, Stifel Nicolaus raised their price target on Microchip Technology from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, May 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $53.35.

The company has a market cap of $11.41 billion and a PE ratio of 35.64. The company has a 50-day moving average of $51.32 and a 200-day moving average of $47.43.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Wednesday, May 4th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.02. The business had revenue of $568.44 million for the quarter, compared to analysts’ expectations of $564.86 million. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 earnings per share. Analysts expect that Microchip Technology Inc. will post $3.16 EPS for the current year.

In other Microchip Technology news, CEO Steve Sanghi sold 76,647 shares of the firm’s stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $48.75, for a total value of $3,736,541.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew W. Chapman sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 20th. The shares were sold at an average price of $47.92, for a total transaction of $479,200.00. The disclosure for this sale can be found here.

A number of large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its stake in shares of Microchip Technology by 0.5% in the fourth quarter. Principal Financial Group Inc. now owns 4,337,627 shares of the company’s stock valued at $201,873,000 after buying an additional 23,274 shares during the period. Coho Partners Ltd. increased its stake in shares of Microchip Technology by 1.7% in the fourth quarter. Coho Partners Ltd. now owns 2,074,335 shares of the company’s stock valued at $96,540,000 after buying an additional 34,004 shares during the period. Victory Capital Management Inc. increased its stake in shares of Microchip Technology by 0.6% in the fourth quarter. Victory Capital Management Inc. now owns 1,908,847 shares of the company’s stock valued at $88,838,000 after buying an additional 10,549 shares during the period. Winton Capital Group Ltd increased its stake in shares of Microchip Technology by 118.2% in the fourth quarter. Winton Capital Group Ltd now owns 890,076 shares of the company’s stock valued at $41,424,000 after buying an additional 482,210 shares during the period. Finally, Bank of Montreal Can increased its stake in shares of Microchip Technology by 21.3% in the fourth quarter. Bank of Montreal Can now owns 495,263 shares of the company’s stock valued at $23,050,000 after buying an additional 87,033 shares during the period.

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 (RF), 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).

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