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Microchip Technology (NASDAQ:MCHP) CEO Steve Sanghi unloaded 29,495 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $47.02, for a total transaction of $1,386,854.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Microchip Technology (NASDAQ:MCHP) traded up 0.32% on Thursday, hitting $47.74. The stock had a trading volume of 717,864 shares. Microchip Technology has a one year low of $38.44 and a one year high of $50.04. The stock’s 50-day moving average is $47.52 and its 200-day moving average is $47.14. The company has a market cap of $9.567 billion and a price-to-earnings ratio of 25.78.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.68 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.67 by $0.01. The company had revenue of $531.30 million for the quarter, compared to the consensus estimate of $527.59 million. During the same quarter last year, the company posted $0.57 earnings per share. Microchip Technology’s revenue was up 14.8% compared to the same quarter last year. On average, analysts predict that Microchip Technology will post $2.82 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, September 4th. Shareholders of record on Thursday, August 21st will be given a dividend of $0.356 per share. This represents a $1.42 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date is Tuesday, August 19th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36.

MCHP has been the subject of a number of recent research reports. Analysts at B. Riley reiterated a “neutral” rating on shares of Microchip Technology in a research note on Friday, August 1st. They now have a $50.00 price target on the stock, up previously from $45.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Microchip Technology in a research note on Friday, August 1st. They now have a $47.00 price target on the stock. Finally, analysts at Needham & Company LLC raised their price target on shares of Microchip Technology from $55.00 to $57.00 in a research note on Friday, August 1st. They now have a “buy” rating on the stock. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Microchip Technology has a consensus rating of “Buy” and a consensus price target of $50.45.

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

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