Alkeon Capital Management LLC reduced its holdings in shares of Microchip Technology (NASDAQ:MCHP) by 0.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,045,157 shares of the semiconductor company’s stock after selling 7,550 shares during the period. Microchip Technology makes up 1.1% of Alkeon Capital Management LLC’s holdings, making the stock its 26th largest position. Alkeon Capital Management LLC owned approximately 0.87% of Microchip Technology worth $179,729,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in MCHP. Zions Bancorporation boosted its stake in shares of Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after buying an additional 836 shares during the last quarter. Amica Retiree Medical Trust purchased a new position in Microchip Technology during the third quarter worth approximately $121,000. Valeo Financial Advisors LLC purchased a new position in Microchip Technology during the third quarter worth approximately $146,000. Twin Tree Management LP boosted its position in Microchip Technology by 126.2% during the fourth quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock worth $194,000 after purchasing an additional 10,646 shares in the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new position in Microchip Technology during the fourth quarter worth approximately $198,000.
A number of equities analysts have issued reports on the company. Zacks Investment Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, April 5th. BidaskClub cut Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, March 30th. Stifel Nicolaus reaffirmed an “average” rating and issued a $112.00 price target on shares of Microchip Technology in a report on Tuesday, March 6th. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Finally, Argus reissued a “buy” rating and set a $90.00 target price (up previously from $79.90) on shares of Microchip Technology in a research note on Friday, February 9th. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $103.99.
Shares of MCHP traded up $0.56 during midday trading on Thursday, reaching $89.06. 3,052,034 shares of the stock were exchanged, compared to its average volume of 3,206,781. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98. Microchip Technology has a twelve month low of $71.91 and a twelve month high of $101.48. The stock has a market capitalization of $20,793.27, a P/E ratio of 24.47, a price-to-earnings-growth ratio of 1.10 and a beta of 1.06.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.01. The business had revenue of $994.10 million for the quarter, compared to analysts’ expectations of $992.10 million. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The business’s revenue was up 19.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.05 earnings per share. equities research analysts forecast that Microchip Technology will post 5.13 EPS for the current fiscal year.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,109 shares of Microchip Technology stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $84.18, for a total value of $177,535.62. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Mitchell R. Little sold 4,159 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $84.14, for a total value of $349,938.26. Following the sale, the vice president now directly owns 15,767 shares in the company, valued at approximately $1,326,635.38. The disclosure for this sale can be found here. Insiders sold a total of 33,667 shares of company stock worth $3,132,552 in the last 90 days. 2.13% of the stock is currently owned by insiders.
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About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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