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Microchip Technology (NASDAQ:MCHP) CEO Steve Sanghi unloaded 138,683 shares of Microchip Technology stock on the open market in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $47.53, for a total value of $6,591,602.99. The sale was disclosed in a filing with the SEC, which is available at this link.

A number of research firms have recently commented on MCHP. 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 given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $50.45.

Microchip Technology (NASDAQ:MCHP) traded up 0.42% on Thursday, hitting $47.79. 1,169,193 shares of the company’s stock traded hands. Microchip Technology has a 1-year low of $38.44 and a 1-year high of $50.04. The stock has a 50-day moving average of $47.46 and a 200-day moving average of $47.14. The company has a market cap of $9.577 billion and a P/E ratio of 25.78.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.68 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.57 earnings per share. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. Analysts expect that Microchip Technology will post $2.82 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, September 4th. Investors 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 2.98%. The ex-dividend date of this dividend is Tuesday, August 19th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36.

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

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