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Recent Insider Activity Could Benefit Microchip Technology, Inc. (MCHP)

In a filing, Microchip Technology, Inc. revealed its Senior VP, MCU8/MCU16 BU DREHOBL STEPHEN V unloaded Company’s shares for reported $0.91 million on May 08 ’24. In the deal valued at $90.88 per share,10,000 shares were sold. As a result of this transaction, DREHOBL STEPHEN V now holds 82,203 shares worth roughly $7.72 million.

Then, SANGHI STEVE sold 36,443 shares, generating $3,392,789 in total proceeds. Upon selling the shares at $93.10, the Executive Chair now owns 10,090,421 shares.

Before that, Johnson Karlton D sold 92 shares. Microchip Technology, Inc. shares valued at $7,993 were divested by the Director at a price of $86.88 per share. As a result of the transaction, Johnson Karlton D now holds 1,697 shares, worth roughly $0.16 million.

Jefferies initiated its Microchip Technology, Inc. [MCHP] rating to a Buy in a research note published on May 13, 2024; the price target was $115. A number of analysts have revised their coverage, including TD Cowen’s analysts, who remained covering the stock and in early May has reiterated a ‘”a Hold”‘ rating for it. Evercore ISI began covering MCHP with “an Outperform” recommendation on April 16, 2024. TD Cowen maintained its rating on February 02, 2024. It rated MCHP as “a Market perform”.

Price Performance Review of MCHP

On Tuesday, Microchip Technology, Inc. [NASDAQ:MCHP] saw its stock jump 1.43% to $93.86. Over the last five days, the stock has gained 1.96%. Microchip Technology, Inc. shares have risen nearly 4.08% since the year began. Nevertheless, the stocks have risen 27.16% over the past one year. While a 52-week high of $96.14 was reached on 05/07/24, a 52-week low of $68.75 was recorded on 02/14/24. SMA at 50 days reached $89.08, while 200 days put it at $84.03. A total of 3.81 million shares were traded, compared to the trading of 3.39 million shares in the previous session.

Levels Of Support And Resistance For MCHP Stock

The 24-hour chart illustrates a support level at 93.03, which if violated will result in even more drops to 92.20. On the upside, there is a resistance level at 94.38. A further resistance level may holdings at 94.90. The Relative Strength Index (RSI) on the 14-day chart is 60.16, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.65, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 26.36%. Stochastics %K at 64.87% indicates the stock is a holding.

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