The stock of Microchip Technology Inc. (NASDAQ:MCHP) reached all time high today, Nov, 16 and still has $103.32 target or 59.00% above today’s $64.98 share price. This indicates more upside for the $14.40 billion company. This technical setup was reported by Barchart.com. If the $103.32 PT is reached, the company will be worth $8.50B more.
Trading stocks at an all time highs is usually a winning strategy. An all time high points to a stock which has the most positive fundamentals ever. Even thought the pullback rate is high, if correct risk management is utilized, investors can trade very well such events. About 447,450 shares traded hands. Microchip Technology Inc. (NASDAQ:MCHP) has risen 32.31% since April 14, 2016 and is uptrending. It has outperformed by 27.63% the S&P500.
Microchip Technology Inc. (NASDAQ:MCHP) Ratings Coverage
Out of 12 analysts covering Microchip Technology (NASDAQ:MCHP), 10 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 83% are positive. Microchip Technology has been the topic of 22 analyst reports since August 5, 2015 according to StockzIntelligence Inc. Bank of America upgraded the stock to “Buy” rating in Tuesday, November 8 report. On Tuesday, August 9 the stock rating was maintained by Jefferies with “Buy”. The firm has “Buy” rating by Jefferies given on Saturday, August 8. On Tuesday, April 5 the stock rating was maintained by Goldman Sachs with “Sell”. The firm has “Buy” rating given on Monday, August 24 by Drexel Hamilton. The firm has “Buy” rating by Citigroup given on Tuesday, August 9. The company was initiated on Tuesday, May 17 by CLSA. On Tuesday, January 19 the stock rating was upgraded by Morgan Stanley to “Overweight”. On Tuesday, November 8 the stock rating was maintained by Needham with “Buy”. The firm has “Neutral” rating given on Friday, November 4 by Goldman Sachs.
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.
Disciplined Growth Mn holds 1.23% or 964,994 shares in its portfolio. Korea Invest last reported 533,500 shares in the company. Tiaa Cref Tru Co Fsb Mo has 0% invested in the company for 10,016 shares. Nordea Ab owns 8,639 shares or 0% of their US portfolio. First Niagara National Bank owns 42,308 shares or 0.61% of their US portfolio. The New York-based Evercore Wealth Management Limited Liability Co has invested 0% in Microchip Technology Inc. (NASDAQ:MCHP). Raymond James & Associates has invested 0.22% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP). Victory Capital Mngmt Inc holds 1.71M shares or 0.35% of its portfolio. Quantbot Techs Lp last reported 70,008 shares in the company. Sentinel Asset Mngmt last reported 78,700 shares in the company. Tributary Capital Mgmt Ltd owns 38,000 shares or 0.28% of their US portfolio. Winslow Evans & Crocker holds 0% or 220 shares in its portfolio. Mizuho & Bk Com Limited holds 0.06% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 358,493 shares. Geode Cap Management Ltd Com holds 0.05% or 1.77 million shares in its portfolio. Raymond James Serv Advisors, a Florida-based fund reported 500,251 shares.
Insider Transactions: Since May 20, 2016, the stock had 0 insider purchases, and 16 insider sales for $17.64 million net activity. The insider SANGHI STEVE sold $5.05M. $149,998 worth of Microchip Technology Inc. (NASDAQ:MCHP) was sold by Bjornholt James Eric. Another trade for 1,500 shares valued at $90,751 was sold by MEYERCORD WADE F. $185,776 worth of shares were sold by SIMONCIC RICHARD J on Monday, August 22. $148,030 worth of Microchip Technology Inc. (NASDAQ:MCHP) shares were sold by LITTLE MITCHELL R. MOORTHY GANESH sold $516,905 worth of Microchip Technology Inc. (NASDAQ:MCHP) on Wednesday, June 1. 3,916 Microchip Technology Inc. (NASDAQ:MCHP) shares with value of $190,748 were sold by DREHOBL STEPHEN V.
Another recent and important Microchip Technology Inc. (NASDAQ:MCHP) news was published by Prnewswire.com which published an article titled: “Microchip Technology Announces Sale Of Mobile Touch Assets To Solomon Systech …” on November 01, 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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