AlphaQuest LLC Makes New Investment in Microchip Technology Incorporated $MCHP

AlphaQuest LLC purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the 3rd quarter, Holdings Channel reports. The firm purchased 9,227 shares of the semiconductor company’s stock, valued at approximately $593,000.

Other large investors have also modified their holdings of the company. Root Financial Partners LLC acquired a new position in Microchip Technology during the third quarter worth approximately $28,000. Salomon & Ludwin LLC increased its holdings in shares of Microchip Technology by 219.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 479 shares of the semiconductor company’s stock worth $32,000 after buying an additional 329 shares during the last quarter. Quent Capital LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth $32,000. E Fund Management Hong Kong Co. Ltd. boosted its holdings in Microchip Technology by 106.8% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 517 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 267 shares during the last quarter. Finally, Fourth Dimension Wealth LLC boosted its holdings in Microchip Technology by 98.7% in the second quarter. Fourth Dimension Wealth LLC now owns 600 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 298 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 4,292 shares of Microchip Technology stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $50.39, for a total transaction of $216,273.88. Following the sale, the chief financial officer directly owned 30,089 shares of the company’s stock, valued at approximately $1,516,184.71. The trade was a 12.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Sanghi sold 98,814 shares of the stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $80.55, for a total value of $7,959,467.70. Following the completion of the transaction, the chief executive officer directly owned 9,922,319 shares of the company’s stock, valued at $799,242,795.45. This represents a 0.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 121,615 shares of company stock worth $9,641,654 in the last quarter. 1.94% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MCHP has been the topic of a number of research reports. Bank of America upgraded Microchip Technology from a “neutral” rating to a “buy” rating and set a $95.00 price objective on the stock in a report on Wednesday, January 28th. Rosenblatt Securities restated a “buy” rating and issued a $80.00 price target on shares of Microchip Technology in a report on Tuesday, January 6th. Cantor Fitzgerald lifted their price target on shares of Microchip Technology from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Monday. Wells Fargo & Company increased their price objective on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 7th. Finally, BNP Paribas Exane raised shares of Microchip Technology from a “neutral” rating to an “outperform” rating and set a $90.00 target price on the stock in a research note on Thursday, January 22nd. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $82.73.

Microchip Technology Stock Up 2.0%

Shares of NASDAQ:MCHP opened at $78.23 on Thursday. The company has a market capitalization of $42.28 billion, a price-to-earnings ratio of -173.84, a price-to-earnings-growth ratio of 1.96 and a beta of 1.46. The company has a 50 day moving average of $69.03 and a two-hundred day moving average of $65.49. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $81.43. The company has a quick ratio of 1.20, a current ratio of 2.25 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, November 6th. The semiconductor company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.13 billion. Microchip Technology had a negative net margin of 4.39% and a positive return on equity of 5.21%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.46 earnings per share. As a group, analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.