abrdn plc Has $15.98 Million Position in Microchip Technology Incorporated (NASDAQ:MCHP)

abrdn plc lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 15.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 200,391 shares of the semiconductor company’s stock after selling 35,683 shares during the period. abrdn plc’s holdings in Microchip Technology were worth $15,977,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology in the 1st quarter valued at approximately $39,000. Versant Capital Management Inc raised its holdings in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the period. Wolff Wiese Magana LLC boosted its position in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares in the last quarter. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Microchip Technology in the 1st quarter valued at $54,000. Finally, TruNorth Capital Management LLC bought a new stake in shares of Microchip Technology in the 2nd quarter valued at $55,000. Institutional investors own 91.51% of the company’s stock.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MCHP shares. Morgan Stanley cut Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. JPMorgan Chase & Co. lowered their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. TD Cowen lowered their price objective on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research report on Friday, August 2nd. Finally, Needham & Company LLC cut their price objective on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $97.89.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $74.81 on Friday. The stock has a market capitalization of $40.14 billion, a PE ratio of 29.92 and a beta of 1.52. Microchip Technology Incorporated has a 1-year low of $71.76 and a 1-year high of $100.57. The firm has a fifty day simple moving average of $77.40 and a 200 day simple moving average of $85.32. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the previous year, the business earned $1.56 EPS. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. On average, research analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.