Microchip Technology (NASDAQ:MCHP) Shares Gap Up to $86.19

Microchip Technology Incorporated (NASDAQ:MCHP) gapped up prior to trading on Wednesday . The stock had previously closed at $86.19, but opened at $90.79. Microchip Technology shares last traded at $91.01, with a volume of 1,153,804 shares.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. StockNews.com downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. Truist Financial cut their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Susquehanna reaffirmed a “positive” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Monday, April 8th. Finally, Piper Sandler downgraded Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Thursday, January 4th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.50.

Microchip Technology Stock Performance

The company has a market capitalization of $48.88 billion, a P/E ratio of 21.17, a PEG ratio of 2.55 and a beta of 1.65. The company has a fifty day moving average price of $86.61 and a two-hundred day moving average price of $84.46. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company’s revenue for the quarter was down 18.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.48 EPS. Equities analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a $0.45 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is presently 42.06%.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BKM Wealth Management LLC purchased a new position in shares of Microchip Technology during the 4th quarter valued at about $27,000. Rakuten Securities Inc. bought a new stake in shares of Microchip Technology in the 4th quarter worth approximately $27,000. Rise Advisors LLC bought a new stake in shares of Microchip Technology in the 1st quarter worth approximately $28,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth approximately $29,000. Finally, OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the 3rd quarter worth approximately $26,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.