Microchip Technology Inc. (NASDAQ:MCHP) was the target of some unusual options trading on Thursday. Investors bought 13,552 call options on the stock. This represents an increase of 2,125% compared to the average volume of 609 call options.
Shares of NASDAQ:MCHP opened at $84.10 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.69. Microchip Technology has a twelve month low of $60.70 and a twelve month high of $103.27. The company has a market cap of $19.94 billion, a PE ratio of 13.83, a PEG ratio of 1.11 and a beta of 1.44.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the firm earned $1.40 earnings per share. Microchip Technology’s revenue for the quarter was up 32.6% on a year-over-year basis. Equities analysts predict that Microchip Technology will post 5.6 EPS for the current fiscal year.
Several analysts recently commented on the company. Zacks Investment Research cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, May 14th. BidaskClub cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, May 20th. Mizuho upped their target price on Microchip Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 9th. Cowen started coverage on Microchip Technology in a report on Friday, February 22nd. They set a “market perform” rating and a $90.00 price target on the stock. Finally, TheStreet upgraded Microchip Technology from a “c+” rating to a “b-” rating in a report on Thursday, February 21st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $103.61.
In related news, VP James Eric Bjornholt sold 2,188 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.13% of the company’s stock.
Several large investors have recently modified their holdings of MCHP. Norges Bank acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $155,541,000. Oregon Public Employees Retirement Fund raised its position in shares of Microchip Technology by 7,043.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 1,815,732 shares during the period. Partner Fund Management L.P. acquired a new position in shares of Microchip Technology during the fourth quarter worth approximately $74,257,000. Frontier Capital Management Co. LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $79,283,000. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Microchip Technology during the first quarter worth approximately $44,915,000.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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