Investors sold shares of Microchip Technology Inc. (NASDAQ:MCHP) on strength during trading hours 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 equities 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

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

The company has a market capitalization of $11.55 billion and a price-to-earnings ratio of 36.09. The company has a 50 day moving average of $51.61 and a 200-day moving average of $47.56.

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

In other news, CFO James Eric Bjornholt sold 2,164 shares of the company’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $48.71, for a total value of $105,408.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Sanghi sold 76,647 shares of the company’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $48.75, for a total value of $3,736,541.25. The disclosure for this sale can be found here.

Other hedge funds recently made changes to their positions in the company. Sei Investments Co. boosted its stake in shares of Microchip Technology by 46.8% in the fourth quarter. Sei Investments Co. now owns 45,342 shares of the company’s stock worth $2,110,000 after buying an additional 14,450 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Microchip Technology by 9.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 46,281 shares of the company’s stock worth $2,154,000 after buying an additional 3,978 shares during the period. New York State Common Retirement Fund boosted its stake in shares of Microchip Technology by 1.9% in the fourth quarter. New York State Common Retirement Fund now owns 484,300 shares of the company’s stock worth $22,539,000 after buying an additional 8,800 shares during the period. Winton Capital Group Ltd boosted 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 worth $41,424,000 after buying an additional 482,210 shares during the period. Finally, GAM Holding AG boosted its stake in shares of Microchip Technology by 5.8% in the fourth quarter. GAM Holding AG now owns 95,744 shares of the company’s stock worth $4,456,000 after buying an additional 5,209 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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