Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Fidelis Capital Partners LLC

Fidelis Capital Partners LLC decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,301 shares of the semiconductor company’s stock after selling 337 shares during the period. Fidelis Capital Partners LLC’s holdings in Microchip Technology were worth $399,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in MCHP. Financial Counselors Inc. boosted its holdings in Microchip Technology by 1.1% in the 1st quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after purchasing an additional 119 shares in the last quarter. SeaCrest Wealth Management LLC boosted its stake in shares of Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after acquiring an additional 131 shares in the last quarter. Corundum Group Inc. boosted its stake in shares of Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after acquiring an additional 143 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after acquiring an additional 148 shares in the last quarter. Finally, Busey Bank boosted its stake in shares of Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after acquiring an additional 155 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 4.4 %

MCHP stock opened at $75.58 on Thursday. The company 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 quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The business has a fifty day simple moving average of $77.67 and a 200-day simple moving average of $85.48. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly 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. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the prior year, the company earned $1.56 EPS. The firm’s revenue was down 45.8% on a year-over-year basis. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Analysts Set New Price Targets

MCHP has been the topic of several research analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a research note on Wednesday, July 31st. Citigroup cut their price objective on Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC cut their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. B. Riley cut their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Finally, Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $90.00 to $100.00 in a research report on Friday, August 16th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $97.89.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on 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 sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by corporate insiders.

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.