The stock of Microchip Technology Inc. (NASDAQ:MCHP) hit a new 52-week high and has $101.35 target or 59.00% above today’s $63.74 share price. The 9 months bullish chart indicates low risk for the $13.64 billion company. The 1-year high was reported on Nov, 8 by Barchart.com. If the $101.35 price target is reached, the company will be worth $8.05 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 736,038 shares traded hands. Microchip Technology Inc. (NASDAQ:MCHP) has risen 23.78% since April 5, 2016 and is uptrending. It has outperformed by 21.83% the S&P500.
Microchip Technology Inc. (NASDAQ:MCHP) Ratings Coverage
Out of 12 analysts covering Microchip Technology (NASDAQ:MCHP), 9 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 75% are positive. $75 is the highest target while $43 is the lowest. The $60 average target is -5.87% below today’s ($63.74) stock price. Microchip Technology has been the topic of 21 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The rating was maintained by Jefferies on Wednesday, August 5 with “Buy”. The stock has “Buy” rating given by Needham on Tuesday, November 8. JP Morgan upgraded the stock to “Overweight” rating in Tuesday, September 8 report. The firm earned “Buy” rating on Tuesday, August 9 by Jefferies. The firm has “Buy” rating by CLSA given on Tuesday, May 17. The stock has “Neutral” rating given by Goldman Sachs on Friday, November 4. B. Riley & Co upgraded the shares of MCHP in a report on Thursday, November 5 to “Buy” rating. The company was maintained on Tuesday, August 9 by JP Morgan. Morgan Stanley upgraded the stock to “Overweight” rating in Tuesday, January 19 report. The firm has “Buy” rating by Citigroup given on Tuesday, August 9.
According to Zacks Investment Research, “Microchip Technology, Inc. develops and manufactures specialized semiconductor products used by its customers for a wide variety of embedded control applications. Its product portfolio comprises microcontrollers; application-specific standard products; and related mixed-signal and memory products. The company markets its products to the consumer, automotive, office automation, communications and industrial markets.”
Insitutional Activity: The institutional sentiment increased to 1.57 in Q2 2016. Its up 0.41, from 1.16 in 2016Q1. The ratio is positive, as 30 funds sold all Microchip Technology Inc. shares owned while 163 reduced positions. 67 funds bought stakes while 236 increased positions. They now own 214.90 million shares or 2.05% more from 210.57 million shares in 2016Q1.
Vigilant Mngmt Ltd Liability Corp holds 160 shares or 0% of its portfolio. Hilltop accumulated 0.11% or 6,673 shares. Valley National Advisers Incorporated holds 0.01% or 250 shares in its portfolio. Employees Retirement Of Texas reported 245,000 shares or 0.17% of all its holdings. Ngam Advisors Limited Partnership last reported 141,081 shares in the company. Moreover, Argent Company has 0.09% invested in Microchip Technology Inc. (NASDAQ:MCHP) for 5,579 shares. First Niagara Commercial Bank, a New York-based fund reported 42,308 shares. Ameritas Prtnrs Inc has 0.01% invested in the company for 4,247 shares. Wright Serv Incorporated reported 18,681 shares or 0.39% of all its holdings. Fiduciary Trust Company holds 0.04% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 20,372 shares. Bkd Wealth Advsrs Limited Liability Corp last reported 33,567 shares in the company. Of Toledo Na Oh has invested 0.89% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP). Wesbanco Natl Bank has invested 0.07% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP). Proshare Advsr Lc holds 0.02% or 33,184 shares in its portfolio. Tru Of Vermont holds 0.01% or 1,400 shares in its portfolio.
Insider Transactions: Since May 20, 2016, the stock had 0 insider purchases, and 17 sales for $20.17 million net activity. Another trade for 3,048 shares valued at $185,776 was made by SIMONCIC RICHARD J on Monday, August 22. The insider SANGHI STEVE sold 100,000 shares worth $5.05 million. DREHOBL STEPHEN V had sold 4,454 shares worth $271,471 on Monday, August 22. $90,751 worth of Microchip Technology Inc. (NASDAQ:MCHP) was sold by MEYERCORD WADE F. $149,998 worth of Microchip Technology Inc. (NASDAQ:MCHP) was sold by Bjornholt James Eric. 10,000 shares were sold by MOORTHY GANESH, worth $516,905. Shares for $148,030 were sold by LITTLE MITCHELL R.
Another recent and important Microchip Technology Inc. (NASDAQ:MCHP) news was published by Prnewswire.com which published an article titled: “Core Independent Peripherals Now Available on PIC18 Family” on October 31, 2016.
MCHP Company Profile
Microchip Technology Incorporated, incorporated on February 14, 1989, is engaged in developing, manufacturing and selling specialized semiconductor products used by its clients for a range of embedded control applications. The Firm operates through two divisions: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, makes and markets microcontrollers, development tools and analog, interface, mixed signal and timing products. The Company’s functional activities include sales, marketing, manufacturing, information technology, human resources, legal and finance.
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