Selling Buzz: Microchip Technology Incorporated [MCHP] Senior VP, WW Client Engagemnt LITTLE MITCHELL R sells 6,937 shares of the company

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Microchip Technology Incorporated shares valued at $457,565 were sold by LITTLE MITCHELL R on Sep 02. At $65.96 per share, LITTLE MITCHELL R sold 6,937 shares. The insider’s holdings dropped to 6,264 shares worth approximately $0.41 million following the completion of this transaction.


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Also, Bjornholt James Eric sold 2,379 shares, netting a total of over 162,272 in proceeds. Following the sale of shares at $68.21 each, the insider now holds 35,333 shares.

Before that, CHAPMAN MATTHEW W had sold 1,000 shares from its account. In a trade valued at $68,210, the Director traded Microchip Technology Incorporated shares for $68.21 each. Upon closing the transaction, the insider’s holdings decreased to 1,000 shares, worth approximately $2.44 million.

As published in a research note from Stifel on June 28, 2022, Microchip Technology Incorporated [MCHP] has been rated up from a Hold to a Buy and the price target has been revised to $75 from $70. This represents a 13.69% premium over Wednesday’s closing price. Analysts at Goldman downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in late March. As of February 04, 2022, Wells Fargo has reiterated its “an Equal weight” rating for MCHP. Earlier on February 04, 2022, UBS resumed its rating. Their recommendation was “a Buy” for MCHP stock.

Analyzing MCHP’s Price Performance

On Wednesday, Microchip Technology Incorporated [NASDAQ: MCHP] plunged -0.98% to $64.73. The stock’s lowest price that day was $64.68, but it reached a high of $67.61 in the same session. During the last five days, there has been a drop of approximately -1.46%. Over the course of the year, Microchip Technology Incorporated shares have dropped approximately -25.65%. Shares of the company reached a 52-week high of $88.97 on 01/04/22 and a 52-week low of $54.33 on 07/05/22. A 50-day SMA is recorded $67.25, while a 200-day SMA reached $70.91. Nevertheless, trading volume fell to 3.92 million shares from 5.18 million shares the previous day.

Support And Resistance Levels for Microchip Technology Incorporated (MCHP)

According to the 24-hour chart, there is a support level at 63.74, which, if violated, would cause prices to drop to 62.74. In the upper region, resistance lies at 66.67. The next price resistance is at 68.60. RSI (Relative Strength Index) is 45.44 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.34, which suggests the price will decrease in the coming days. Percent R is at 62.97%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Microchip Technology Incorporated subject to short interest?

Stocks of Microchip Technology Incorporated saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.29 million shares to 13.93 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 14.22 million shares. A decline of -2.08% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.78 of the overall float, the days-to-cover ratio (short ratio) decline to 2.78.

Which companies own the most shares of Microchip Technology Incorporated (MCHP)?

According to The Vanguard Group, Inc. filings, the company currently owns 62,839,223 shares, which is about 11.37% of the total MCHP shares outstanding. The investor’s shares have appreciated by 650,878 from its previous 13-F filing of 62188345.0 shares. With the completion of the buy transaction, Dodge & Cox’s stake is now worth $2,102,905,449. BlackRock Fund Advisors reduced a -2.77% interest valued at $2.05 billion while T. Rowe Price Associates, Inc. sold a -361,029 stake. A total of -642,762 shares of Microchip Technology Incorporated were sold by SSgA Funds Management, Inc. during the quarter, and -125,803 were sold by Aristotle Capital Management LLC. In its current portfolio, Fidelity Management & Research Co holds 17,330,340 shares valued at $1.13 billion.

In terms of Microchip Technology Incorporated share price expectations, FactSet research, analysts set an average price target of $86.65 in the next 12 months, up nearly 27.73% from the previous closing price of $65.37. Analysts anticipate Microchip Technology Incorporated stock to reach $125.00 by 2022, with the lowest price target being $67.00. In spite of this, 25 analysts ranked Microchip Technology Incorporated stock as an Overweight at the end of 2022. On February 04, 2022, Stifel assigned a price target of “a Hold” to the stock and reiterated coverage with a $84.

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