Taking a Closer Look At Microchip Technology Incorporated (MCHP) Following Its Recent Trade


Microchip Technology Incorporated’s filing revealed that its Senior VP and CFO Bjornholt James Eric unloaded Company’s shares for reported $0.23 million on Feb 23. In the deal valued at $81.58 per share,2,777 shares were sold. As a result of this transaction, Bjornholt James Eric now holds 30,582 shares worth roughly $ 2.48 million.

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Then, Johnson Karlton D sold 396 shares, generating $32,076 in total proceeds. Upon selling the shares at $81.00, the Director now owns 973 shares.

Before that, CHAPMAN MATTHEW W sold 1,000 shares. Microchip Technology Incorporated shares valued at $81,130 were divested by the Director at a price of $81.13 per share. As a result of the transaction, CHAPMAN MATTHEW W now holds 35,682 shares, worth roughly $2.89 million.

Credit Suisse initiated its Microchip Technology Incorporated [MCHP] rating to a Neutral in a research note published on Tuesday, November 16, 2022; the price target was $85. PT values the company’s stock at a premium of 4.67 to its Tuesday closing price. A number of analysts have revised their coverage, including Stifel’s analysts, who increased its forecast for the stock in late June from “a Hold” to “a Buy”. Goldman also remained covering MCHP and has decreased its forecast on March 28, 2022 with a “Neutral” recommendation from previously “Buy” rating. Wells Fargo maintained its rating on February 04, 2022. It rated MCHP as “an Equal weight”.

Price Performance Review of MCHP

On Tuesday, Microchip Technology Incorporated [NASDAQ:MCHP] saw its stock jump 0.51% to $81.03. On the same session, the stock had its day’s lowest price of $80.26, but rose to a high of $82.09. Over the last five days, the stock has gained 0.43%. Microchip Technology Incorporated shares have risen nearly 15.35% since the year began. Nevertheless, the stocks have risen 12.31% over the past one year. While a 52-week high of $87.76 was reached on 02/03/23, a 52-week low of $54.33 was recorded on 01/03/23. SMA at 50 days reached $76.93, while 200 days put it at $69.11. A total of 3.72 million shares were traded, compared to the trading of 3.18 million shares in the previous session.

Levels Of Support And Resistance For MCHP Stock

The 24-hour chart illustrates a support level at 80.16, which if violated will result in even more drops to 79.30. On the upside, there is a resistance level at 81.99. A further resistance level may holdings at 82.96. The Relative Strength Index (RSI) on the 14-day chart is 51.24, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -2.29, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 75.64%. Stochastics %K at 16.51% indicates the stock is a buying.

How much short interest is there in Microchip Technology Incorporated?

A steep rise in short interest was recorded in Microchip Technology Incorporated stocks on Jan 12, 2023, dropping by -4.27 million shares to a total of 13.6 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2022 was 17.87 million shares. There was a decline of -31.4%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 2.86% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.2.

Microchip Technology Incorporated [MCHP] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 64,010,455 shares, or roughly 11.64% of the outstanding MCHP shares. In other words, the investor’s shares have risen by 752,366 from its previous 13-F filing of 63258089.0. Additionally, BlackRock Fund Advisors decreased -1.11% of its stake after which the total value it holdings stand at $2,411,719,920, while Dodge & Cox reduced -24.87% of its stake to hold $1.81 billion in the firm. Over the last quarter, T. Rowe Price Investment Manageme purchased 13,243 shares of Microchip Technology Incorporated, while SSgA Funds Management, Inc. bought -132,350 shares. At present, Fidelity Management & Research Co is holding 17,476,668 shares valued at $1.36 billion. Aristotle Capital Management LLC owned 17,438,459 shares of the company at the time of its most recent 13F filing, worth $1.35 billion.

According to FactSet, Microchip Technology Incorporated’s share price will average $97.61 in the next year, based on opinions of analysts polled by the firm. This is up nearly 22.8 percent from its previous closing price of $80.62. Analysts expect Microchip Technology Incorporated stock to reach the higher price of $125.00, while the lowest price estimate is $79.00. However, 27 analysts have rated MCHP stock as an Overweight in their predictions for 2023. The most recent change occurred on February 04, 2022 when UBS resumed its ‘”a Buy”‘ rating for the stock and retained the price target to $98.


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