Sheets Smith Wealth Management Has $7.48 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Sheets Smith Wealth Management lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,892 shares of the semiconductor company’s stock after selling 200 shares during the quarter. Microchip Technology makes up about 0.9% of Sheets Smith Wealth Management’s investment portfolio, making the stock its 29th largest position. Sheets Smith Wealth Management’s holdings in Microchip Technology were worth $7,475,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology during the third quarter worth $26,000. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at $27,000. Rakuten Securities Inc. acquired a new stake in Microchip Technology during the 4th quarter worth $27,000. Fortitude Family Office LLC acquired a new position in Microchip Technology in the fourth quarter valued at about $29,000. Finally, Milestone Investment Advisors LLC acquired a new stake in shares of Microchip Technology during the third quarter worth about $36,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on MCHP. Susquehanna reiterated a “positive” rating and set a $100.00 price objective on shares of Microchip Technology in a report on Monday, April 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research note on Tuesday, January 30th. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Thursday, January 18th. Stifel Nicolaus lifted their target price on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Truist Financial dropped their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.75.

Insider Activity at Microchip Technology

In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

Shares of MCHP stock traded up $1.90 during midday trading on Friday, hitting $91.36. 6,983,068 shares of the company were exchanged, compared to its average volume of 5,300,839. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.63. The firm has a market capitalization of $49.37 billion, a P/E ratio of 21.35, a PEG ratio of 2.79 and a beta of 1.60. The firm’s 50 day moving average price is $88.05 and its two-hundred day moving average price is $85.13. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The company had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business’s revenue was down 18.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.48 earnings per share. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.