Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,010 shares of the semiconductor company’s stock after selling 248 shares during the quarter. First Horizon Advisors Inc.’s holdings in Microchip Technology were worth $272,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mizuho Markets Americas LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth about $225,800,000. Truist Financial Corp lifted its position in Microchip Technology by 324.0% during the fourth quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after buying an additional 1,386,924 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in Microchip Technology by 122.1% during the third quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after buying an additional 840,526 shares during the period. Van ECK Associates Corp increased its position in shares of Microchip Technology by 16.0% in the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after acquiring an additional 714,376 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its position in shares of Microchip Technology by 173.4% in the third quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after acquiring an additional 673,924 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated 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 directly owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction dated Tuesday, February 6th. The shares were 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 owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Microchip Technology Price Performance

NASDAQ MCHP opened at $91.36 on Monday. The company has a 50-day moving average price of $88.05 and a two-hundred day moving average price of $85.13. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.63. The stock has a market cap of $49.37 billion, a price-to-earnings ratio of 21.35, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. 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 (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the company posted $1.48 EPS. The business’s revenue for the quarter was down 18.6% compared to the same quarter last year. Analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MCHP. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Thursday, January 18th. Evercore ISI assumed coverage on Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 target price for the company. Stifel Nicolaus boosted their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. TD Cowen lifted their price objective on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a report on Friday, February 2nd. Finally, The Goldman Sachs Group reduced their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $92.75.

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.