Public Employees Retirement Association of Colorado decreased its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 18.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 764,514 shares of the company’s stock after selling 176,943 shares during the period. Public Employees Retirement Association of Colorado owned approximately 0.36% of Microchip Technology worth $38,807,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Creative Planning raised its stake in Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock worth $156,000 after buying an additional 1,479 shares during the last quarter. IFP Advisors Inc raised its stake in Microchip Technology by 67.8% in the first quarter. IFP Advisors Inc now owns 3,422 shares of the company’s stock worth $165,000 after buying an additional 1,383 shares during the last quarter. Cape ANN Savings Bank acquired a new stake in Microchip Technology during the second quarter worth about $207,000. Atria Investments LLC acquired a new stake in Microchip Technology during the second quarter worth about $227,000. Finally, Conning Inc. raised its stake in Microchip Technology by 9.7% in the second quarter. Conning Inc. now owns 5,085 shares of the company’s stock worth $258,000 after buying an additional 450 shares during the last quarter.

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

Shares of Microchip Technology Inc. (NASDAQ:MCHP) traded down 1.14% during midday trading on Monday, hitting $61.35. The stock had a trading volume of 840,016 shares. Microchip Technology Inc. has a 1-year low of $39.01 and a 1-year high of $63.11. The company’s 50 day moving average price is $61.16 and its 200-day moving average price is $53.97. The firm has a market capitalization of $13.21 billion, a PE ratio of 165.36 and a beta of 1.11.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, August 8th. The company reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.10. Microchip Technology had a net margin of 3.28% and a return on equity of 24.87%. The business had revenue of $799.40 million for the quarter, compared to analyst estimates of $821.41 million. During the same quarter in the prior year, the business earned $0.69 EPS. Microchip Technology’s quarterly revenue was up 58.1% on a year-over-year basis. Equities analysts predict that Microchip Technology Inc. will post $3.41 earnings per share for the current year.

A number of analysts have recently issued reports on MCHP shares. Stifel Nicolaus increased their target price on Microchip Technology from $60.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. B. Riley restated a “buy” rating and issued a $74.00 target price on shares of Microchip Technology in a report on Tuesday, August 9th. Needham & Company LLC increased their target price on Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Credit Suisse Group AG restated a “buy” rating and issued a $67.00 target price on shares of Microchip Technology in a report on Tuesday, August 9th. Finally, Citigroup Inc. increased their target price on Microchip Technology from $54.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $59.82.

In related news, VP Richard J. Simoncic sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $60.47, for a total value of $1,209,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Steve Sanghi sold 28,771 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $61.02, for a total transaction of $1,755,606.42. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.

About Microchip Technology

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

5 Day Chart for NASDAQ:MCHP

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