The price of Microchip Technology, Inc. (NASDAQ:MCHP) shares last traded on Wall Street fell -3.66% to $89.71.
MCHP stock price is now -3.91% away from the 50-day moving average and 3.21% away from the 200-day moving average. The market capitalization of the company currently stands at $48.13B.
Top 5 Artificial Intelligence Stocks to Buy for 2024
By now, you're well aware of the artificial intelligence boom. You know Big Tech has been investing billions of dollars into it.
According to Next Move Strategy Consulting, the AI market – currently valued at about $100 billion – cold grow twenty-fold by 2030 to more than $2 trillion. That means you may want to strongly consider these top AI stocks. Get our free report, "Top 5 AI Stocks to Buy in 2024."
Click here to automatically get the our FREE Report & Special Offer "5 Best AI Stocks to Invest In"
Sponsored
With the price target reduced from $102 to $100, Morgan Stanley Downgraded its rating from Overweight to Equal-Weight for Microchip Technology, Inc. (NASDAQ: MCHP). On May 24, 2024, Mizuho Upgraded its previous ‘Neutral’ rating to ‘Buy’ on the stock increasing its target price from $85 to quote $115, while ‘Jefferies’ rates the stock as ‘Buy’
In other news, CHAPMAN MATTHEW W, Director sold 2,748 shares of the company’s stock on Jun 10 ’24. The stock was sold for $257,982 at an average price of $93.88. Upon completion of the transaction, the Director now directly owns 35,682 shares in the company, valued at $3.2 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 31 ’24, Director Johnson Karlton D sold 227 shares of the business’s stock. A total of $22,019 was realized by selling the stock at an average price of $97.00. This leaves the insider owning 1,470 shares of the company worth $0.13 million. A total of 2.10% of the company’s stock is owned by insiders.
During the past 12 months, Microchip Technology, Inc. has had a low of $68.75 and a high of $100.57. As of last week, the company has a debt-to-equity ratio of 0.93, a current ratio of 1.20, and a quick ratio of 0.67. The fifty day moving average price for MCHP is $93.3216 and a two-hundred day moving average price translates $86.9835 for the stock.
The latest earnings results from Microchip Technology, Inc. (NASDAQ: MCHP) was released for 2024-03-31. The net profit margin was 24.98% and return on equity was 28.96% for MCHP. The company reported revenue of $1.33 billion for the quarter, compared to $2.23 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -40.62 percent.
