Price Action Don’t Lie: Could Microchip Technology Inc. Skyrocket Even More? The Stock Just Made Record High

Price Action Don't Lie: Could Microchip Technology Inc. Skyrocket Even More? The Stock Just Made Record High

The stock of Microchip Technology Inc. (NASDAQ:MCHP) reached all time high today, Nov, 24 and still has $70.74 target or 7.00% above today’s $66.11 share price. This indicates more upside for the $14.36B company. This technical setup was reported by Barchart.com. If the $70.74 PT is reached, the company will be worth $1.01 billion 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. The stock increased 0.82% or $0.54 on November 23, hitting $66.11. About 1.71 million shares traded hands. Microchip Technology Inc. (NASDAQ:MCHP) has risen 32.99% since April 22, 2016 and is uptrending. It has outperformed by 27.58% the S&P500.

Analysts await Microchip Technology Inc. (NASDAQ:MCHP) to report earnings on February, 1. They expect $0.81 earnings per share, up 32.79% or $0.20 from last year’s $0.61 per share. MCHP’s profit will be $175.94 million for 20.40 P/E if the $0.81 EPS becomes a reality. After $0.90 actual earnings per share reported by Microchip Technology Inc. for the previous quarter, Wall Street now forecasts -10.00% negative EPS growth.

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. The firm has “Buy” rating by Jefferies given on Wednesday, August 5. The company was upgraded on Tuesday, September 8 by JP Morgan. The company was upgraded on Thursday, November 5 by B. Riley & Co. The stock has “Buy” rating given by Bank of America on Tuesday, November 8. The company was maintained on Tuesday, August 9 by JP Morgan. Goldman Sachs maintained Microchip Technology Inc. (NASDAQ:MCHP) rating on Tuesday, April 5. Goldman Sachs has “Sell” rating and $43 price target. The firm has “Buy” rating given on Saturday, August 8 by Jefferies. The firm has “Buy” rating given on Monday, August 24 by Drexel Hamilton. Morgan Stanley upgraded Microchip Technology Inc. (NASDAQ:MCHP) on Tuesday, January 19 to “Overweight” rating. 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 decreased to 0.93 in Q2 2016. Its down 0.64, from 1.57 in 2016Q1. The ratio fall, 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.
Hutchin Hill Capital Lp holds 25,200 shares or 0.04% of its portfolio. Metropolitan Life Insurance New York accumulated 0.05% or 120,360 shares. Shinko Asset Management accumulated 600 shares or 0% of the stock. Us Comml Bank De owns 367,387 shares or 0.07% of their US portfolio. Advsr Limited Co holds 0.04% or 7,745 shares in its portfolio. Texas Permanent School Fund reported 69,696 shares or 0.05% of all its holdings. Cap Guardian holds 0.17% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 434,935 shares. Deutsche Commercial Bank Ag accumulated 1.02 million shares or 0.04% of the stock. The Illinois-based Chesley Taft And Assoc Limited Liability Com has invested 0.06% in Microchip Technology Inc. (NASDAQ:MCHP). Tompkins Financial has 13,769 shares for 0.21% of their US portfolio. Cleararc Capital holds 0.05% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 5,209 shares. Cordasco Financial Network holds 28,859 shares or 1.68% of its portfolio. Nordea Investment Ab holds 8,639 shares or 0% of its portfolio. Natl Bank Of The West, a California-based fund reported 41,829 shares. Janney Montgomery Scott Ltd Liability Company accumulated 170,552 shares or 0.13% of the stock.

Insider Transactions: Since May 25, 2016, the stock had 0 buys, and 17 selling transactions for $17.78 million net activity. $1.88 million worth of Microchip Technology Inc. (NASDAQ:MCHP) was sold by SANGHI STEVE. On Wednesday, November 23 the insider SIMONCIC RICHARD J sold $187,691. $155,276 worth of Microchip Technology Inc. (NASDAQ:MCHP) was sold by LITTLE MITCHELL R on Tuesday, November 22. 1,500 shares were sold by MEYERCORD WADE F, worth $90,751. On Monday, August 22 Bjornholt James Eric sold $149,998 worth of the stock or 2,461 shares. MOORTHY GANESH had sold 10,000 shares worth $516,905 on Wednesday, June 1. DREHOBL STEPHEN V had sold 3,494 shares worth $227,669.

Another recent and important Microchip Technology Inc. (NASDAQ:MCHP) news was published by Forbes.com which published an article titled: “Ex-Dividend Reminder: Microchip Technology, Ryder System and Moody’s” on November 15, 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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