In yesterday’s Wall Street session, Microchip Technology, Inc. (NASDAQ:MCHP) shares traded at $76.89, up 0.64% from the previous session.
MCHP stock price is now -9.85% away from the 50-day moving average and -12.25% away from the 200-day moving average. The market capitalization of the company currently stands at $41.25B.
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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, Bjornholt James Eric, Senior VP and CFO sold 2,154 shares of the company’s stock on Aug 23 ’24. The stock was sold for $175,551 at an average price of $81.50. Upon completion of the transaction, the Senior VP and CFO now directly owns 33,257 shares in the company, valued at $2.56 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 23 ’24, Officer Bjornholt James Eric bought 2,154 shares of the business’s stock. A total of $175,412 was incurred on buying the stock at an average price of $81.44. A total of 2.11% 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 $85.2918 and a two-hundred day moving average price translates $87.6285 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.
Microchip Technology, Inc.(MCHP) Company 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. It also provides analog, interface, mixed signal, and timing products comprising power management, linear, mixed-signal, high-voltage, thermal management, discrete diodes, and metal oxide semiconductor field effect transistors (MOSFETS), radio frequency (RF), drivers, safety, security, timing, USB, Ethernet, wireless, and other interface products; field-programmable gate array (FPGA) products; and application development tools that enable system designers to program microcontroller, FPGA, and microprocessor products for specific applications. In addition, the company offers serial electrically erasable programmable read-only memory, serial flash memories, parallel flash memories, serial static random access memories, and serial electrically erasable random access memories for the production of very small footprint devices; and licenses its SuperFlash embedded flash and non-volatile memory technologies to foundries, integrated device manufacturers, and design partners for use in the manufacture of microcontroller products, gate array, RF, analog, and neuromorphic compute products that require embedded non-volatile memory, as well as provides engineering services. Further, it offers wafer foundry and assembly, and test subcontracting manufacturing services; and timing systems products, application specific integrated circuits, and aerospace products. The company was incorporated in 1989 and is headquartered in Chandler, Arizona.
