Microchip Technology Inc. (MCHP) Sees Unusually-High Trading Volume
Microchip Technology Inc. (NASDAQ:MCHP) shares saw unusually-high trading volume on Friday . Approximately 8,141,821 shares changed hands during mid-day trading, an increase of 230% from the previous session’s volume of 2,470,662 shares.The stock last traded at $53.77 and had previously closed at $53.61.
MCHP has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Tuesday, March 22nd. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Microchip Technology in a report on Wednesday, April 6th. Jefferies Group reaffirmed a “buy” rating and issued a $56.00 price objective (up previously from $53.00) on shares of Microchip Technology in a report on Saturday, May 7th. Goldman Sachs Group Inc. reaffirmed a “sell” rating and issued a $43.00 price objective (up previously from $38.00) on shares of Microchip Technology in a report on Tuesday, April 5th. Finally, Credit Agricole SA assumed coverage on shares of Microchip Technology in a report on Monday, May 16th. They issued a “buy” rating and a $58.00 price target for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Microchip Technology currently has an average rating of “Buy” and an average price target of $53.35.
The firm has a market cap of $11.55 billion and a P/E ratio of 36.09. The firm’s 50-day moving average price is $51.61 and its 200 day moving average price 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 Zacks’ consensus estimate of $0.68 by $0.02. The business earned $568.44 million during the quarter, compared to analyst estimates of $564.86 million. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.68 earnings per share. Analysts forecast that Microchip Technology Inc. will post $3.16 earnings per share for the current fiscal year.
In related news, CEO Steve Sanghi sold 76,647 shares of the firm’s stock in a transaction dated Friday, May 20th. The stock was sold at an average price of $48.75, for a total value of $3,736,541.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Ganesh Moorthy sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $51.69, for a total value of $516,900.00. The disclosure for this sale can be found here.
A number of institutional investors have recently bought and sold shares of MCHP. Boltwood Capital Management boosted its position in Microchip Technology by 2.4% in the fourth quarter. Boltwood Capital Management now owns 22,080 shares of the company’s stock valued at $1,023,000 after buying an additional 525 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its position in Microchip Technology by 4.7% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 28,676 shares of the company’s stock valued at $1,335,000 after buying an additional 1,297 shares in the last quarter. Quantitative Investment Management LLC purchased a new position in Microchip Technology during the fourth quarter valued at about $1,484,000. Legacy Capital Partners Inc. boosted its position in Microchip Technology by 1.1% in the fourth quarter. Legacy Capital Partners Inc. now owns 32,090 shares of the company’s stock valued at $1,494,000 after buying an additional 350 shares in the last quarter. Finally, Sawtooth Asset Management Inc. boosted its position in Microchip Technology by 252.7% in the fourth quarter. Sawtooth Asset Management Inc. now owns 34,940 shares of the company’s stock valued at $1,626,000 after buying an additional 25,033 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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