Microchip Technology Incorporated $MCHP Stock: Provenance Wealth Advisors LLC Grows Position

Provenance Wealth Advisors LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 172,722.2% during the third quarter, Holdings Channel reports. The fund owned 15,554 shares of the semiconductor company’s stock after acquiring an additional 15,545 shares during the period. Provenance Wealth Advisors LLC’s holdings in Microchip Technology were worth $1,210,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. TOP Private Wealth LLC. purchased a new stake in shares of Microchip Technology during the 2nd quarter valued at about $29,000. Continuum Advisory LLC bought a new position in shares of Microchip Technology in the 2nd quarter worth approximately $30,000. Johnson Financial Group Inc. purchased a new position in shares of Microchip Technology in the second quarter worth approximately $31,000. Rakuten Securities Inc. purchased a new position in shares of Microchip Technology in the second quarter worth approximately $34,000. Finally, GK Wealth Management LLC purchased a new position in shares of Microchip Technology in the third quarter worth approximately $29,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

In related news, CFO James Bjornholt sold 4,112 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total value of $309,715.84. Following the transaction, the chief financial officer directly owned 28,573 shares of the company’s stock, valued at approximately $2,152,118.36. The trade was a 12.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Truist Financial decreased their price target on shares of Microchip Technology from $105.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, August 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of Microchip Technology in a research report on Wednesday, September 9th. UBS Group restated a “buy” rating and issued a $120.00 price objective (down from $130.00) on shares of Microchip Technology in a research note on Friday, August 7th. TD Cowen decreased their target price on Microchip Technology from $90.00 to $75.00 and set a “hold” rating on the stock in a report on Monday, October 19th. Finally, Zacks Research cut Microchip Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $97.71.

Microchip Technology Stock Down 3.3%

MCHP opened at $75.30 on Thursday. The stock has a market cap of $40.89 billion, a price-to-earnings ratio of 112.39, a price-to-earnings-growth ratio of 0.54 and a beta of 1.84. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92. The firm’s fifty day moving average is $75.37 and its 200 day moving average is $79.53. Microchip Technology Incorporated has a fifty-two week low of $48.52 and a fifty-two week high of $105.91.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 6th. The semiconductor company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same period last year, the firm earned $0.27 earnings per share. The business’s quarterly revenue was up 38.0% on a year-over-year basis. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 3.20 earnings per share for the current fiscal year.

About Microchip Technology

Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.