2,587 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Purchased by Sentry Investment Management LLC

Sentry Investment Management LLC bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,587 shares of the semiconductor company’s stock, valued at approximately $208,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Swedbank AB acquired a new position in shares of Microchip Technology during the 1st quarter worth approximately $1,079,000. Pinnacle Associates Ltd. boosted its holdings in shares of Microchip Technology by 50.0% during the 3rd quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after purchasing an additional 35,213 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after purchasing an additional 93,464 shares during the last quarter. SageView Advisory Group LLC boosted its holdings in shares of Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Microchip Technology during the 2nd quarter worth approximately $42,538,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Down 0.5 %

Microchip Technology stock opened at $74.47 on Tuesday. Microchip Technology Incorporated has a twelve month low of $71.76 and a twelve month high of $100.57. The stock’s fifty day simple moving average is $77.28 and its 200-day simple moving average is $85.25. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $39.95 billion, a P/E ratio of 29.79 and a beta of 1.53.

Wall Street Analyst Weigh In

MCHP has been the topic of several recent research reports. Susquehanna lowered their target price on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a report on Monday, October 21st. TD Cowen decreased their price objective on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Truist Financial cut Microchip Technology from a “buy” rating to a “hold” rating and decreased their price objective for the company from $89.00 to $80.00 in a report on Monday, September 23rd. B. Riley decreased their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Needham & Company LLC decreased their price objective on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares in the company, valued at approximately $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.10% of the company’s stock.

Microchip Technology Company Profile

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.