Microchip Technology Incorporated (NASDAQ:MCHP) is Doheny Asset Management CA’s 9th Largest Position

Doheny Asset Management CA reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.7% in the fourth quarter, HoldingsChannel reports. The fund owned 35,151 shares of the semiconductor company’s stock after selling 2,525 shares during the period. Microchip Technology accounts for 3.1% of Doheny Asset Management CA’s portfolio, making the stock its 9th biggest holding. Doheny Asset Management CA’s holdings in Microchip Technology were worth $3,170,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. OFI Invest Asset Management purchased a new position in Microchip Technology during the third quarter valued at approximately $26,000. BKM Wealth Management LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. purchased a new position in Microchip Technology during the fourth quarter valued at approximately $27,000. Fortitude Family Office LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $29,000. Finally, Milestone Investment Advisors LLC purchased a new position in Microchip Technology during the third quarter valued at approximately $36,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MCHP. 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. Truist Financial lowered their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. Needham & Company LLC boosted their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. UBS Group lowered their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. Finally, Evercore ISI began coverage on shares of Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 target price on the stock. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $92.75.

Insider Activity

In other news, Director Karlton D. Johnson sold 370 shares of the 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 sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction 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 disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

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

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating 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 business 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 firm posted $1.48 earnings per share. The business’s revenue for the quarter was down 18.6% on a year-over-year basis. As a group, research analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Company 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.