Norden Group LLC Takes Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Norden Group LLC acquired a new position in Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 2,758 shares of the semiconductor company’s stock, valued at approximately $249,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology in the 3rd quarter worth approximately $26,000. BKM Wealth Management LLC bought a new position in Microchip Technology during the 4th quarter valued at $27,000. Rakuten Securities Inc. acquired a new position in shares of Microchip Technology during the 4th quarter valued at $27,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology in the 4th quarter worth $29,000. Finally, Milestone Investment Advisors LLC acquired a new stake in shares of Microchip Technology in the third quarter valued at $36,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 3.5 %

NASDAQ:MCHP opened at $88.79 on Thursday. The business’s fifty day moving average price is $87.77 and its 200 day moving average price is $84.92. The firm has a market capitalization of $47.98 billion, a price-to-earnings ratio of 20.75, a PEG ratio of 2.81 and a beta of 1.60. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.63.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on MCHP. Susquehanna reaffirmed a “positive” rating and set a $100.00 target price on shares of Microchip Technology in a report on Monday, April 8th. Piper Sandler downgraded shares of 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. Evercore ISI assumed coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price for the company. Stifel Nicolaus upped their price target on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Thursday, January 18th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $92.75.

Insider Buying and Selling at Microchip Technology

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

About Microchip Technology

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.