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Microchip Technology (NASDAQ:MCHP) hit a new 52-week high on Monday , Analyst RN reports. The company traded as high as $49.26 and last traded at $49.16, with a volume of 583,291 shares. The stock had previously closed at $48.65.

A number of analysts have recently weighed in on MCHP shares. Analysts at Goldman Sachs downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating in a research note on Monday, June 2nd. They now have a $49.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Microchip Technology in a research note on Thursday, May 8th. They now have a $49.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Microchip Technology in a research note on Wednesday, May 7th. They now have a $45.00 price target on the stock, up previously from $42.00. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $50.30.

The stock’s 50-day moving average is $47.12 and its 200-day moving average is $45.63. The company has a market cap of $9.874 billion and a P/E ratio of 26.73.

Microchip Technology (NASDAQ:MCHP) last released its earnings data on Tuesday, May 6th. The company reported $0.64 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.61 by $0.03. The company had revenue of $493.40 million for the quarter, compared to the consensus estimate of $490.00 million. During the same quarter last year, the company posted $0.49 earnings per share. Microchip Technology’s revenue was up 14.7% compared to the same quarter last year. Analysts expect that Microchip Technology will post $2.77 EPS for the current fiscal year.

In other Microchip Technology news, CEO Steve Sanghi sold 120,249 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $47.26, for a total transaction of $5,682,967.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a variety of embedded control applications.

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