Microchip Technology Incorporated $MCHP Stake Increased by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. increased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 13.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 227,846 shares of the semiconductor company’s stock after buying an additional 27,376 shares during the period. Rakuten Investment Management Inc.’s holdings in Microchip Technology were worth $17,950,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Microchip Technology during the second quarter valued at approximately $537,423,000. Legal & General Group Plc bought a new position in Microchip Technology in the 2nd quarter worth approximately $312,597,000. Van ECK Associates Corp raised its position in Microchip Technology by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company’s stock worth $750,102,000 after purchasing an additional 1,272,838 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Microchip Technology in the 3rd quarter worth approximately $94,304,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Microchip Technology by 23.5% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,060,528 shares of the semiconductor company’s stock worth $461,520,000 after buying an additional 962,362 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of recent research reports. Truist Financial decreased their price objective on Microchip Technology from $105.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, August 7th. Wells Fargo & Company dropped their target price on Microchip Technology from $88.00 to $80.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 20th. Citigroup cut their price target on Microchip Technology from $113.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. BMO Capital Markets started coverage on Microchip Technology in a report on Friday, August 21st. They issued an “outperform” rating and a $95.00 price target on the stock. Finally, Zacks Research lowered Microchip Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $97.71.

Microchip Technology Trading Down 3.3%

Shares of NASDAQ MCHP opened at $75.30 on Thursday. Microchip Technology Incorporated has a twelve month low of $48.52 and a twelve month high of $105.91. The company has a quick ratio of 1.11, a current ratio of 1.92 and a debt-to-equity ratio of 0.83. The stock has a market cap of $40.89 billion, a price-to-earnings ratio of 112.39, a P/E/G ratio of 0.54 and a beta of 1.84. The company’s fifty day moving average is $75.37 and its 200-day moving average is $79.53.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 6th. The semiconductor company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.70 by $0.06. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the company posted $0.27 EPS. The business’s quarterly revenue was up 38.0% on a year-over-year basis. Equities research analysts predict that Microchip Technology Incorporated will post 3.20 EPS for the current year.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Bjornholt sold 4,112 shares of Microchip Technology stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total value of $309,715.84. Following the sale, the chief financial officer owned 28,573 shares of the company’s stock, valued at $2,152,118.36. This trade represents a 12.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.79% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.