AlphaQuest LLC Invests $593,000 in Microchip Technology Incorporated $MCHP

AlphaQuest LLC purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 9,227 shares of the semiconductor company’s stock, valued at approximately $593,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Arizona State Retirement System lifted its holdings in Microchip Technology by 1.3% in the third quarter. Arizona State Retirement System now owns 159,172 shares of the semiconductor company’s stock valued at $10,222,000 after acquiring an additional 2,031 shares during the period. Federated Hermes Inc. increased its holdings in shares of Microchip Technology by 19.6% in the 3rd quarter. Federated Hermes Inc. now owns 516,206 shares of the semiconductor company’s stock valued at $33,151,000 after purchasing an additional 84,431 shares in the last quarter. Phoenix Financial Ltd. lifted its stake in shares of Microchip Technology by 13.1% in the third quarter. Phoenix Financial Ltd. now owns 7,676 shares of the semiconductor company’s stock valued at $493,000 after purchasing an additional 890 shares during the period. Bank of Jackson Hole Trust boosted its holdings in Microchip Technology by 11.4% during the third quarter. Bank of Jackson Hole Trust now owns 9,836 shares of the semiconductor company’s stock worth $632,000 after buying an additional 1,008 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in Microchip Technology by 2.1% during the third quarter. CIBC Asset Management Inc now owns 171,278 shares of the semiconductor company’s stock worth $10,999,000 after buying an additional 3,553 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 4,292 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $50.39, for a total transaction of $216,273.88. Following the transaction, the chief financial officer owned 30,089 shares of the company’s stock, valued at approximately $1,516,184.71. This represents a 12.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Sanghi sold 98,814 shares of the firm’s stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $80.55, for a total transaction of $7,959,467.70. Following the sale, the chief executive officer owned 9,922,319 shares in the company, valued at approximately $799,242,795.45. This trade represents a 0.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 121,615 shares of company stock valued at $9,641,654. Company insiders own 1.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. B. Riley lifted their price target on shares of Microchip Technology from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Exane BNP Paribas raised Microchip Technology from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 22nd. Susquehanna boosted their target price on Microchip Technology from $75.00 to $90.00 and gave the stock a “positive” rating in a research report on Thursday, January 22nd. Wells Fargo & Company lifted their price target on Microchip Technology from $58.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 7th. Finally, Bank of America raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $95.00 price objective on the stock in a research note on Wednesday, January 28th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $82.73.

Microchip Technology Stock Up 2.0%

MCHP opened at $78.23 on Thursday. The firm has a market cap of $42.28 billion, a P/E ratio of -173.84, a PEG ratio of 1.96 and a beta of 1.46. The business’s fifty day simple moving average is $69.03 and its 200 day simple moving average is $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 released its earnings results on Thursday, November 6th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Microchip Technology had a negative net margin of 4.39% and a positive return on equity of 5.21%. The company had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the firm earned $0.46 EPS. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

About Microchip Technology

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.