Gladstone Institutional Advisory LLC Raises Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Gladstone Institutional Advisory LLC lifted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.7% during the third quarter, Holdings Channel reports. The institutional investor owned 14,539 shares of the semiconductor company’s stock after purchasing an additional 1,528 shares during the quarter. Gladstone Institutional Advisory LLC’s holdings in Microchip Technology were worth $1,167,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MCHP. Pathway Financial Advisers LLC acquired a new position in shares of Microchip Technology during the 1st quarter worth $39,000. Versant Capital Management Inc boosted its holdings in Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares in the last quarter. CarsonAllaria Wealth Management Ltd. acquired a new position in Microchip Technology during the first quarter worth about $54,000. TruNorth Capital Management LLC purchased a new position in Microchip Technology in the second quarter valued at about $55,000. Finally, Wolff Wiese Magana LLC lifted its position in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $74.81 on Friday. Microchip Technology Incorporated has a fifty-two week low of $71.76 and a fifty-two week high of $100.57. The firm’s 50 day moving average is $77.40 and its two-hundred day moving average is $85.32. The company has a market cap of $40.14 billion, a P/E ratio of 29.92 and a beta of 1.53. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the firm earned $1.56 earnings per share. The firm’s revenue for the quarter was down 45.8% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.10% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MCHP shares. Mizuho set a $95.00 price target on Microchip Technology in a report on Friday, October 18th. Citigroup lowered their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Susquehanna decreased their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research report on Monday, October 21st. JPMorgan Chase & Co. lowered their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Finally, Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $97.89.

Microchip Technology Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.