Microchip Technology Inc. (NASDAQ:MCHP)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $55.90 and last traded at $55.82, with a volume of 1,517,870 shares trading hands. The stock had previously closed at $54.27.

Several research firms have recently commented on MCHP. B. Riley reaffirmed a “buy” rating and set a $62.50 target price on shares of Microchip Technology in a report on Tuesday, May 10th. Morgan Stanley reaffirmed a “buy” rating and set a $54.00 target price on shares of Microchip Technology in a report on Thursday, May 5th. Credit Suisse Group AG reaffirmed a “buy” rating and set a $52.00 target price on shares of Microchip Technology in a report on Wednesday, April 6th. Stifel Nicolaus boosted their price objective on Microchip Technology from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, May 5th. Finally, Jefferies Group reiterated a “buy” rating and set a $56.00 price objective (up from $53.00) on shares of Microchip Technology in a research report on Saturday, May 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $53.31.

The company’s 50 day moving average price is $52.31 and its 200 day moving average price is $48.11. The company has a market capitalization of $12.30 billion and a P/E ratio of 38.44.

Microchip Technology (NASDAQ:MCHP) last posted 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 analyst estimates of $564.86 million. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 EPS. Analysts forecast that Microchip Technology Inc. will post $3.16 earnings per share for the current fiscal year.

In other news, CFO James Eric Bjornholt sold 2,164 shares of the firm’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $48.71, for a total transaction of $105,408.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Sanghi sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $50.51, for a total transaction of $5,051,000.00. The disclosure for this sale can be found here.

Several hedge funds have recently bought and sold shares of MCHP. Mitsubishi UFJ Kokusai Asset Management CO. LTD. raised its stake 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 during the last quarter. Quantitative Investment Management LLC purchased a new stake in Microchip Technology during the fourth quarter valued at $1,484,000. Utah Retirement Systems raised its stake in Microchip Technology by 0.3% in the fourth quarter. Utah Retirement Systems now owns 37,469 shares of the company’s stock valued at $1,744,000 after buying an additional 100 shares during the last quarter. Aberdeen Asset Management PLC UK raised its stake in Microchip Technology by 32.1% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 40,815 shares of the company’s stock valued at $1,995,000 after buying an additional 9,919 shares during the last quarter. Finally, Sei Investments Co. raised its stake in Microchip Technology by 46.8% in the fourth quarter. Sei Investments Co. now owns 45,342 shares of the company’s stock valued at $2,110,000 after buying an additional 14,450 shares during 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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