Sheets Smith Wealth Management Cuts Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Sheets Smith Wealth Management trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.2% in the fourth quarter, HoldingsChannel reports. The fund owned 82,892 shares of the semiconductor company’s stock after selling 200 shares during the period. Microchip Technology makes up 0.9% of Sheets Smith Wealth Management’s investment portfolio, making the stock its 29th biggest position. Sheets Smith Wealth Management’s holdings in Microchip Technology were worth $7,475,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Commonwealth Equity Services LLC boosted its position in Microchip Technology by 8.6% during the 3rd 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 in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Microchip Technology by 4.7% during the 3rd 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 period. Raymond James Financial Services Advisors Inc. boosted its position in Microchip Technology by 4.9% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 293,870 shares of the semiconductor company’s stock worth $22,937,000 after purchasing an additional 13,714 shares during the last quarter. Stratos Wealth Partners LTD. boosted its holdings in shares of Microchip Technology by 7.1% in the third quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock worth $453,000 after buying an additional 383 shares during the last quarter. Finally, Brown Advisory Inc. grew its position in shares of Microchip Technology by 2.1% during the 3rd quarter. Brown Advisory Inc. now owns 104,768 shares of the semiconductor company’s stock valued at $8,177,000 after acquiring an additional 2,201 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Karlton D. Johnson sold 370 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Needham & Company LLC lifted their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday. Susquehanna restated a “positive” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Monday, April 8th. Truist Financial reduced their price target on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Finally, The Goldman Sachs Group dropped their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus price target of $92.75.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $1.90 during mid-day trading on Friday, reaching $91.36. The stock had a trading volume of 6,983,068 shares, compared to its average volume of 5,300,839. 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. The firm has a market cap of $49.37 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 2.79 and a beta of 1.60. The business’s fifty day moving average is $88.05 and its 200-day moving average is $85.13.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $1.77 billion. During the same quarter in the prior year, the company earned $1.48 EPS. Microchip Technology’s quarterly revenue was down 18.6% on a year-over-year basis. On average, research analysts forecast that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

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.