Microchip Technology (NASDAQ:MCHP) CEO Sells $7,155,969.02 in Stock

Microchip Technology Incorporated (NASDAQ:MCHP) CEO Steve Sanghi sold 76,469 shares of Microchip Technology stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $93.58, for a total value of $7,155,969.02. Following the completion of the transaction, the chief executive officer directly owned 9,385,834 shares in the company, valued at $878,326,345.72. This trade represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Steve Sanghi also recently made the following trade(s):

• On Thursday, April 30th, Steve Sanghi sold 33,502 shares of Microchip Technology stock. The shares were sold at an average price of $92.37, for a total value of $3,094,579.74.
• On Thursday, April 23rd, Steve Sanghi sold 416,581 shares of Microchip Technology stock. The stock was sold at an average price of $88.53, for a total transaction of $36,879,915.93.

Microchip Technology Stock Up 4.5%

Shares of NASDAQ MCHP opened at $102.89 on Thursday. The company has a quick ratio of 1.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.82. Microchip Technology Incorporated has a 52 week low of $46.92 and a 52 week high of $103.24. The firm’s fifty day moving average is $72.76 and its 200 day moving average is $68.94. The company has a market cap of $55.68 billion, a price-to-earnings ratio of -354.79, a PEG ratio of 1.32 and a beta of 1.75.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 5th. The semiconductor company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.19 billion. Microchip Technology had a negative net margin of 1.57% and a positive return on equity of 7.16%. The firm’s revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.20 EPS. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.16 earnings per share for the current year.

Hedge Funds Weigh In On Microchip Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Microchip Technology by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 73,506,339 shares of the semiconductor company’s stock valued at $4,683,824,000 after acquiring an additional 1,430,781 shares in the last quarter. State Street Corp raised its position in shares of Microchip Technology by 2.8% in the 4th quarter. State Street Corp now owns 28,863,048 shares of the semiconductor company’s stock worth $1,839,153,000 after acquiring an additional 783,157 shares in the last quarter. Boston Partners raised its position in shares of Microchip Technology by 9.5% in the 3rd quarter. Boston Partners now owns 16,234,332 shares of the semiconductor company’s stock worth $1,044,024,000 after acquiring an additional 1,406,885 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Microchip Technology by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 15,394,985 shares of the semiconductor company’s stock valued at $977,638,000 after purchasing an additional 213,188 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Microchip Technology by 4.8% in the 4th quarter. Invesco Ltd. now owns 14,992,128 shares of the semiconductor company’s stock valued at $955,298,000 after purchasing an additional 684,561 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Bank of America upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $95.00 target price for the company in a report on Wednesday, January 28th. UBS Group upped their price target on Microchip Technology from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, January 26th. B. Riley Financial increased their price objective on Microchip Technology from $85.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Weiss Ratings upgraded Microchip Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, April 24th. Finally, Wells Fargo & Company boosted their target price on Microchip Technology from $68.00 to $70.00 and gave the company an “equal weight” rating in a research note on Friday, February 6th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $86.00.

About Microchip Technology

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.