Microchip Technology, Inc. (NASDAQ:MCHP) shares traded -2.13% lower at $80.28 on Wall Street last session.
MCHP stock price is now -8.44% away from the 50-day moving average and -8.13% away from the 200-day moving average. The market capitalization of the company currently stands at $43.07B.
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With the price target enhanced from $90 to $100, Piper Sandler Upgraded its rating from Neutral to Overweight for Microchip Technology, Inc. (NASDAQ: MCHP). On August 02, 2024, TD Cowen reiterated its ‘Hold’ rating on the stock by increasing its target price from $90 to quote $80, while ‘BofA Securities’ rates the stock as ‘Neutral’
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 $2.86 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 $0.12 million. A total of 2.19% 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 0.97, a current ratio of 1.94, and a quick ratio of 1.08. The fifty day moving average price for MCHP is $87.4322 and a two-hundred day moving average price translates $87.4306 for the stock.
The latest earnings results from Microchip Technology, Inc. (NASDAQ: MCHP) was released for 2024-06-30. The net profit margin was 20.80% and return on equity was 20.70% for MCHP. The company reported revenue of $1.24 billion for the quarter, compared to $2.29 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -45.76 percent.
