In yesterday’s Wall Street session, Microchip Technology, Inc. (NASDAQ:MCHP) shares traded at $93.60, up 1.51% from the previous session.
MCHP stock price is now 7.79% away from the 50-day moving average and 11.49% away from the 200-day moving average. The market capitalization of the company currently stands at $50.58B.
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With the price target of $106, Evercore ISI recently initiated with Outperform rating for Microchip Technology, Inc. (NASDAQ: MCHP). On February 02, 2024, TD Cowen reiterated its ‘Market Perform’ rating on the stock by increasing its target price from $75 to quote $80, while ‘Wolfe Research’ rates the stock as ‘Outperform’
In other news, SANGHI STEVE, Executive Chair sold 36,443 shares of the company’s stock on Mar 07 ’24. The stock was sold for $3,392,789 at an average price of $93.10. Upon completion of the transaction, the Executive Chair now directly owns 10,090,421 shares in the company, valued at $944.46 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Mar 06 ’24, Director Johnson Karlton D sold 92 shares of the business’s stock. A total of $7,993 was realized by selling the stock at an average price of $86.88. This leaves the insider owning 1,697 shares of the company worth $0.16 million. A total of 2.11% of the company’s stock is owned by insiders.
During the past 12 months, Microchip Technology, Inc. has had a low of $68.75 and a high of $94.30. As of last week, the company has a debt-to-equity ratio of 0.81, a current ratio of 0.98, and a quick ratio of 0.58.
The net profit margin was 27.59% and return on equity was 35.19% for MCHP. The company reported revenue of $1.77 billion for the quarter, compared to $2.17 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -18.6 percent.
