Price Action To Observe: Microchip Technology Inc. Hit 52-Week High

Price Action To Observe: Microchip Technology Inc. Hit 52 Week High

The stock of Microchip Technology Inc. (NASDAQ:MCHP) hit a new 52-week high and has $94.33 target or 46.00% above today’s $64.61 share price. The 9 months bullish chart indicates low risk for the $14.32B company. The 1-year high was reported on Nov, 16 by Barchart.com. If the $94.33 price target is reached, the company will be worth $6.59 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 314,716 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. Jefferies maintained it with “Buy” rating and $48 target price in Saturday, August 8 report. The stock has “Overweight” rating given by JP Morgan on Tuesday, August 9. The rating was upgraded by Goldman Sachs on Friday, November 4 to “Neutral”. The firm has “Buy” rating given on Monday, August 24 by Drexel Hamilton. Jefferies maintained it with “Buy” rating and $68 target price in Tuesday, August 9 report. On Tuesday, November 8 the stock rating was maintained by Needham with “Buy”. CLSA initiated the stock with “Buy” rating in Tuesday, May 17 report. The firm earned “Buy” rating on Tuesday, November 8 by Bank of America. As per Tuesday, September 8, the company rating was upgraded by JP Morgan. The firm has “Buy” rating given on Tuesday, August 9 by Citigroup.

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 2016 Q2. 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.
Pinnacle Limited last reported 179,082 shares in the company. Voya Investment Limited Liability holds 0.02% or 174,200 shares in its portfolio. Canada Pension Plan Inv Board, a Ontario – Canada-based fund reported 1,090 shares. First Trust Advisors Limited Partnership holds 413,892 shares or 0.07% of its portfolio. Moreover, Tarbox Group Incorporated has 0% invested in Microchip Technology Inc. (NASDAQ:MCHP) for 70 shares. Ct Mason last reported 2.12% of its portfolio in the stock. M&T Savings Bank Corp holds 436,007 shares or 0.15% of its portfolio. Moreover, Marshall Wace Llp has 0% invested in Microchip Technology Inc. (NASDAQ:MCHP) for 5,834 shares. Opus Invest owns 77,400 shares or 0.69% of their US portfolio. Suntrust Banks Inc has 26,806 shares for 0.01% of their US portfolio. Amer Grp Inc holds 0% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 88,136 shares. Robeco Institutional Asset Mngmt Bv owns 70,670 shares or 0.03% of their US portfolio. Meiji Yasuda Asset Management reported 6,223 shares or 0.05% of all its holdings. Teachers Retirement Sys Of The State Of Kentucky owns 30,271 shares or 0.02% of their US portfolio. Chevy Chase Holding Inc holds 0.05% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 184,512 shares.

Insider Transactions: Since May 20, 2016, the stock had 0 insider buys, and 16 insider sales for $17.64 million net activity. 28,771 shares with value of $1.76M were sold by SANGHI STEVE on Thursday, August 18. $185,227 worth of shares were sold by LITTLE MITCHELL R on Monday, August 22. DREHOBL STEPHEN V also sold $190,748 worth of Microchip Technology Inc. (NASDAQ:MCHP) on Monday, May 23. $185,776 worth of Microchip Technology Inc. (NASDAQ:MCHP) was sold by SIMONCIC RICHARD J. On Monday, May 23 Bjornholt James Eric sold $105,408 worth of the stock or 2,164 shares. MEYERCORD WADE F also sold $90,751 worth of Microchip Technology Inc. (NASDAQ:MCHP) shares. 10,000 shares with value of $479,200 were sold by CHAPMAN MATTHEW W on Friday, May 20.

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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