Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Integrated Advisors Network LLC

Integrated Advisors Network LLC boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 7.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,917 shares of the semiconductor company’s stock after buying an additional 774 shares during the quarter. Integrated Advisors Network LLC’s holdings in Microchip Technology were worth $877,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. grew its position in Microchip Technology by 110.8% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,805 shares of the semiconductor company’s stock worth $546,000 after purchasing an additional 3,577 shares in the last quarter. Baker Tilly Wealth Management LLC grew its position in Microchip Technology by 27.9% during the 3rd quarter. Baker Tilly Wealth Management LLC now owns 3,836 shares of the semiconductor company’s stock worth $308,000 after purchasing an additional 836 shares in the last quarter. IVC Wealth Advisors LLC grew its position in Microchip Technology by 15.1% during the 3rd quarter. IVC Wealth Advisors LLC now owns 3,789 shares of the semiconductor company’s stock worth $304,000 after purchasing an additional 497 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Microchip Technology by 6.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 62,342 shares of the semiconductor company’s stock valued at $5,005,000 after acquiring an additional 3,580 shares in the last quarter. Finally, Frank Rimerman Advisors LLC grew its holdings in shares of Microchip Technology by 291.5% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 16,985 shares of the semiconductor company’s stock valued at $1,364,000 after acquiring an additional 12,647 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MCHP has been the topic of several research analyst reports. Rosenblatt Securities restated a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Wednesday, July 31st. TD Cowen lowered their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Mizuho set a $95.00 price target on shares of Microchip Technology in a report on Friday, October 18th. Finally, B. Riley lowered their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

Microchip Technology Stock Down 4.4 %

Microchip Technology stock opened at $75.58 on Thursday. The firm has a market cap of $40.55 billion, a price-to-earnings ratio of 30.23 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57. The firm has a fifty day moving average price of $77.67 and a two-hundred day moving average price of $85.48.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business’s revenue was down 45.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.56 EPS. As a group, analysts forecast that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.10% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.