8,516 Shares in Microchip Technology Incorporated $MCHP Bought by Canandaigua National Bank & Trust Co.

Canandaigua National Bank & Trust Co. purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 8,516 shares of the semiconductor company’s stock, valued at approximately $777,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MCHP. CoreCap Advisors LLC grew its holdings in shares of Microchip Technology by 707.2% in the second quarter. CoreCap Advisors LLC now owns 2,018 shares of the semiconductor company’s stock valued at $184,000 after acquiring an additional 1,768 shares in the last quarter. Neville Rodie & Shaw Inc. purchased a new stake in shares of Microchip Technology during the 2nd quarter valued at $228,000. Eastern Bank grew its position in Microchip Technology by 11.2% during the second quarter. Eastern Bank now owns 2,001 shares of the semiconductor company’s stock valued at $182,000 after buying an additional 201 shares during the period. Sapient Capital LLC bought a new position in Microchip Technology during the first quarter valued at about $259,000. Finally, Parallel Advisors LLC increased its holdings in Microchip Technology by 8.3% during the first quarter. Parallel Advisors LLC now owns 10,679 shares of the semiconductor company’s stock worth $690,000 after buying an additional 814 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Matthew W. Chapman sold 3,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $97.52, for a total transaction of $292,560.00. Following the completion of the transaction, the director owned 17,665 shares of the company’s stock, valued at approximately $1,722,690.80. The trade was a 14.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 3,667 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $90.87, for a total transaction of $333,220.29. Following the completion of the transaction, the chief financial officer directly owned 28,573 shares in the company, valued at $2,596,428.51. The trade was a 11.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 26,750 shares of company stock worth $2,543,170. 1.79% of the stock is currently owned by insiders.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $77.79 on Thursday. The stock has a fifty day moving average of $87.77 and a 200-day moving average of $81.28. Microchip Technology Incorporated has a fifty-two week low of $48.52 and a fifty-two week high of $105.91. The stock has a market cap of $42.24 billion, a PE ratio of 370.45, a price-to-earnings-growth ratio of 0.81 and a beta of 1.76. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.18 and a current ratio of 2.09.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, May 7th. The semiconductor company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. Microchip Technology had a net margin of 4.88% and a return on equity of 10.87%. The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the business earned $0.11 earnings per share. Microchip Technology’s revenue was up 35.1% compared to the same quarter last year. Equities research analysts anticipate that Microchip Technology Incorporated will post 2.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MCHP. Weiss Ratings cut shares of Microchip Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, July 24th. Truist Financial lifted their price target on shares of Microchip Technology from $69.00 to $105.00 and gave the stock a “hold” rating in a report on Friday, May 8th. UBS Group reiterated a “buy” rating on shares of Microchip Technology in a research note on Tuesday, June 2nd. Wells Fargo & Company decreased their target price on Microchip Technology from $95.00 to $88.00 and set an “equal weight” rating for the company in a research report on Monday, July 20th. Finally, Barclays upped their price target on Microchip Technology from $80.00 to $105.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Four analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $99.76.

Microchip Technology Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.