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Why Microchip Technology Incorporated (MCHP) Stock Could See Much Higher Prices Ahead

Microchip Technology Incorporated (NASDAQ: MCHP) is 18.49% higher on its value in year-to-date trading and has touched a low of $54.33 and a high of $87.76 in the current 52-week trading range. The question becomes, what are the chances the stock will continue to grow shareholders’ wealth in the market. Here’s what analysts think will happen to its price in the coming time. The MCHP stock was last observed hovering at around $81.28 in the last trading session, with the day’s gains setting it 1.96% off its average median price target of $100.00 for the next 12 months. It is also 33.41% off the consensus price target high of $125.00 offered by 27 analysts, but current levels are -5.37% lower than the price target low of $79.00 for the same period.

Currently trading at $83.24, the stock is 1.19% and 5.42% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 5.8 million and changing 2.41% at the moment leaves the stock 19.25% off its SMA200. MCHP registered 20.57% gain for a year compared to 6-month gain of 23.46%.

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The stock witnessed a 0.77% loss in the last 1 month and extending the period to 3 months gives it a 9.70%, and is 1.38% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 2.97% over the week and 2.53% over the month.

Microchip Technology Incorporated (MCHP) has around 21000 employees, a market worth around $46.54B and $8.05B in sales. Current P/E ratio is 22.49 and Fwd P/E is 13.35. Profit margin for the company is 25.70%. Distance from 52-week low is 53.21% and -5.15% from its 52-week high. The company has generated returns on investments over the last 12 months (11.30%).

Microchip Technology Incorporated (MCHP) Analyst Forecasts

Analyst recommendations provided by FactSet shows that the consensus forecast for Microchip Technology Incorporated (MCHP) is a “Overweight”. 27 analysts offering their recommendations for the stock have an average rating of 2.20, where 10 rate it as a Hold and 0 think it is a “Overweight”. 17 of the analysts rate the stock as a “Buy”. 0 analysts have rated the stock as a Sell or Underperform.

Microchip Technology Incorporated is expected to release its quarterly report on 05/08/2023.The EPS is expected to grow by 251.90% this year.

Microchip Technology Incorporated (MCHP) Top Institutional Holders

The shares outstanding are 549.20M, and float is at 538.57M with Short Float at 3.40%.

Microchip Technology Incorporated (MCHP) Insider Activity

A total of 62 insider transactions have happened at Microchip Technology Incorporated (MCHP) in the last six months, with sales accounting for 35 and purchases happening 27 times. The most recent transaction is an insider sale by Bjornholt James Eric,the company’sSenior VP and CFO. SEC filings show that Bjornholt James Eric sold 2,777 shares of the company’s common stock on Feb 23 at a price of $81.58 per share for a total of $0.23 million. Following the sale, the insider now owns 30582.0 shares.

Microchip Technology Incorporated disclosed in a document filed with the SEC on Feb 23 that Johnson Karlton D (Director) sold a total of 396 shares of the company’s common stock. The trade occurred on Feb 23 and was made at $81.00 per share for $32076.0. Following the transaction, the insider now directly holds 973.0 shares of the MCHP stock.

Still, SEC filings show that on Feb 22, CHAPMAN MATTHEW W (Director) disposed off 1,000 shares at an average price of $81.13 for $81130.0. The insider now directly holds 35,682 shares of Microchip Technology Incorporated (MCHP).

Microchip Technology Incorporated (MCHP): Who are the competitors?

The company’s main competitors (and peers) include Advanced Micro Devices Inc. (AMD) that is -16.15% lower over the past 12 months. Applied Materials Inc. (AMAT) is -2.67% down on the 1-year trading charts.

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