Traders sold shares of Microchip Technology Inc. (NASDAQ:MCHP) on strength during trading on Friday. $17.18 million flowed into the stock on the tick-up and $133.38 million flowed out of the stock on the tick-down, for a money net flow of $116.20 million out of the stock. Of all stocks tracked, Microchip Technology had the 0th highest net out-flow for the day. Microchip Technology traded up $0.16 for the day and closed at $53.77

MCHP has been the subject of several analyst reports. Zacks Investment Research cut Microchip Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, March 22nd. B. Riley reaffirmed a “buy” rating and set a $61.50 price target on shares of Microchip Technology in a report on Tuesday, April 5th. Goldman Sachs Group Inc. reaffirmed a “sell” rating and set a $43.00 price target (up from $38.00) on shares of Microchip Technology in a report on Tuesday, April 5th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $52.00 price target on shares of Microchip Technology in a report on Wednesday, April 6th. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of Microchip Technology in a report on Tuesday, April 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Microchip Technology presently has a consensus rating of “Buy” and a consensus target price of $53.35.

The company has a market capitalization of $11.55 billion and a PE ratio of 36.09. The company’s 50 day moving average is $51.61 and its 200-day moving average is $47.56.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Wednesday, May 4th. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.02. During the same quarter in the prior year, the business earned $0.68 earnings per share. The business had revenue of $568.44 million for the quarter, compared to analyst estimates of $564.86 million. The firm’s revenue was up 3.9% on a year-over-year basis. On average, analysts predict that Microchip Technology Inc. will post $3.16 earnings per share for the current year.

In other news, CFO James Eric Bjornholt sold 2,164 shares of the firm’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $48.71, for a total transaction of $105,408.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 3,916 shares of the firm’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $48.71, for a total value of $190,748.36. Following the sale, the vice president now owns 13,622 shares of the company’s stock, valued at $663,527.62. The disclosure for this sale can be found here.

Several hedge funds have made changes to their positions in MCHP. 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. 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 in the last quarter.

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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