Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Legacy Financial Advisors Inc.

Legacy Financial Advisors Inc. boosted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,398 shares of the semiconductor company’s stock after acquiring an additional 225 shares during the period. Legacy Financial Advisors Inc.’s holdings in Microchip Technology were worth $306,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MCHP. OFI Invest Asset Management purchased a new position in Microchip Technology during the third quarter worth $26,000. BKM Wealth Management LLC purchased a new position in Microchip Technology in the 4th quarter valued at about $27,000. Rakuten Securities Inc. acquired a new stake in shares of Microchip Technology during the 4th quarter worth about $27,000. Fortitude Family Office LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $29,000. Finally, Milestone Investment Advisors LLC acquired a new position in shares of Microchip Technology in the third quarter valued at approximately $36,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Up 2.1 %

Shares of MCHP stock traded up $1.90 on Friday, hitting $91.36. The stock had a trading volume of 6,983,068 shares, compared to its average volume of 5,300,839. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $94.63. The firm has a market capitalization of $49.37 billion, a price-to-earnings ratio of 21.35, a P/E/G ratio of 2.79 and a beta of 1.60. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock’s 50 day moving average is $88.05 and its 200-day moving average is $85.04.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company’s revenue was down 18.6% on a year-over-year basis. During the same period last year, the firm earned $1.48 earnings per share. As a group, research analysts expect that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Insider Buying and Selling at Microchip Technology

In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares in the company, valued at $150,276. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now directly owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MCHP shares. UBS Group cut their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Susquehanna reiterated a “positive” rating and set a $100.00 price objective on shares of Microchip Technology in a report on Monday, April 8th. TD Cowen boosted their target price on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Evercore ISI began coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Finally, Truist Financial decreased their price target on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.75.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.