Mission Wealth Management LP Sells 157 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Mission Wealth Management LP decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,126 shares of the semiconductor company’s stock after selling 157 shares during the period. Mission Wealth Management LP’s holdings in Microchip Technology were worth $372,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mizuho Markets Americas LLC purchased a new stake in Microchip Technology during the third quarter worth about $225,800,000. Truist Financial Corp increased its position in Microchip Technology by 324.0% in the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after buying an additional 1,386,924 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Microchip Technology by 122.1% in the third quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock valued at $119,353,000 after buying an additional 840,526 shares during the period. Van ECK Associates Corp lifted its position in shares of Microchip Technology by 16.0% during the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after buying an additional 714,376 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its stake in shares of Microchip Technology by 173.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after acquiring an additional 673,924 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MCHP shares. Evercore ISI assumed coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective on the stock. UBS Group reduced their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. The Goldman Sachs Group lowered their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. 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 research report on Friday, February 2nd. Finally, Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $92.75.

Microchip Technology Stock Up 2.1 %

Shares of NASDAQ MCHP opened at $91.36 on Friday. The stock has a market capitalization of $49.37 billion, a P/E ratio of 21.35, a PEG ratio of 2.73 and a beta of 1.60. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.63. The firm’s 50 day simple moving average is $87.88 and its two-hundred day simple moving average is $84.95. 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 issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter last year, the company earned $1.48 EPS. The firm’s revenue was down 18.6% compared to the same quarter last year. As a group, analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Insider Transactions at Microchip Technology

In related news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was 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 through this hyperlink. In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred 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 $2,759,722.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction 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 completion of the sale, 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.

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.