Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Doheny Asset Management CA

Doheny Asset Management CA reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,151 shares of the semiconductor company’s stock after selling 2,525 shares during the period. Microchip Technology accounts for about 3.1% of Doheny Asset Management CA’s investment portfolio, making the stock its 9th biggest holding. Doheny Asset Management CA’s holdings in Microchip Technology were worth $3,170,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MCHP. Commonwealth Equity Services LLC boosted its stake in Microchip Technology by 8.6% in the third quarter. Commonwealth Equity Services LLC now owns 135,845 shares of the semiconductor company’s stock valued at $10,603,000 after acquiring an additional 10,702 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Microchip Technology by 4.7% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock valued at $3,057,000 after buying an additional 1,769 shares during the last quarter. Kingswood Wealth Advisors LLC bought a new stake in shares of Microchip Technology during the third quarter valued at approximately $354,000. Pinnacle Associates Ltd. raised its holdings in shares of Microchip Technology by 20.7% during the third quarter. Pinnacle Associates Ltd. now owns 70,035 shares of the semiconductor company’s stock valued at $5,466,000 after buying an additional 12,022 shares during the last quarter. Finally, Mission Wealth Management LP raised its holdings in shares of Microchip Technology by 5.0% during the third quarter. Mission Wealth Management LP now owns 4,283 shares of the semiconductor company’s stock valued at $334,000 after buying an additional 205 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded up $0.70 during trading on Thursday, hitting $89.49. The company had a trading volume of 2,366,329 shares, compared to its average volume of 5,552,556. The company has a market cap of $48.36 billion, a P/E ratio of 20.75, a PEG ratio of 2.81 and a beta of 1.60. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.63. The business’s 50-day moving average is $87.77 and its 200 day moving average is $84.92. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

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, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the prior year, the company earned $1.48 earnings per share. The firm’s revenue was down 18.6% on a year-over-year basis. Equities research analysts predict that Microchip Technology Incorporated will post 4.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MCHP shares. UBS Group cut their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Evercore ISI started coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Needham & Company LLC lifted their price target on Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. Finally, Piper Sandler cut Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a report on Thursday, January 4th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $92.75.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’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 transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred on 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 disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology 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.