Canandaigua National Bank & Trust Co. Purchases New Holdings in Microchip Technology Incorporated $MCHP

Canandaigua National Bank & Trust Co. purchased a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,516 shares of the semiconductor company’s stock, valued at approximately $777,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Resonant Capital Advisors LLC grew its stake in shares of Microchip Technology by 0.9% in the first quarter. Resonant Capital Advisors LLC now owns 12,542 shares of the semiconductor company’s stock worth $810,000 after acquiring an additional 118 shares during the last quarter. MCF Advisors LLC boosted its stake in Microchip Technology by 25.8% in the 4th quarter. MCF Advisors LLC now owns 659 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 135 shares in the last quarter. Gagnon Securities LLC grew its position in Microchip Technology by 0.5% during the 4th quarter. Gagnon Securities LLC now owns 27,162 shares of the semiconductor company’s stock valued at $1,731,000 after purchasing an additional 137 shares during the last quarter. Evelyn Partners Investment Management LLP increased its stake in Microchip Technology by 1.5% during the 4th quarter. Evelyn Partners Investment Management LLP now owns 9,300 shares of the semiconductor company’s stock valued at $593,000 after purchasing an additional 140 shares in the last quarter. Finally, Millstone Evans Group LLC raised its holdings in Microchip Technology by 23.7% in the fourth quarter. Millstone Evans Group LLC now owns 742 shares of the semiconductor company’s stock worth $47,000 after buying an additional 142 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and issued a $125.00 target price on shares of Microchip Technology in a research note on Monday. Weiss Ratings lowered shares of Microchip Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, July 24th. JPMorgan Chase & Co. upped their price objective on Microchip Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Zacks Research raised Microchip Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. Finally, Truist Financial boosted their price target on Microchip Technology from $69.00 to $105.00 and gave the stock a “hold” rating in a research note on Friday, May 8th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average target price of $99.76.

Insider Buying and Selling at Microchip Technology

In related news, COO Richard J. Simoncic sold 5,000 shares of Microchip Technology stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $93.44, for a total transaction of $467,200.00. Following the transaction, the chief operating officer owned 135,508 shares in the company, valued at approximately $12,661,867.52. The trade was a 3.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew W. Chapman sold 10,000 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $95.48, for a total value of $954,800.00. Following the completion of the transaction, the director directly owned 20,665 shares of the company’s stock, valued at approximately $1,973,094.20. This trade represents a 32.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 26,750 shares of company stock valued at $2,543,170 over the last 90 days. 1.79% of the stock is currently owned by corporate insiders.

Microchip Technology Price Performance

NASDAQ MCHP opened at $77.79 on Thursday. The business’s fifty day moving average is $87.77 and its 200 day moving average is $81.28. Microchip Technology Incorporated has a fifty-two week low of $48.52 and a fifty-two week high of $105.91. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.18 and a current ratio of 2.09. The company has a market capitalization 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.

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

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.