Arkadios Wealth Advisors Purchases New Shares in Microchip Technology Incorporated (NASDAQ:MCHP)

Arkadios Wealth Advisors bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,331 shares of the semiconductor company's stock, valued at approximately $258,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Garde Capital Inc. acquired a new position in shares of Microchip Technology during the first quarter worth approximately $30,000. Orion Capital Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $41,000. Byrne Asset Management LLC bought a new stake in shares of Microchip Technology during the first quarter worth $41,000. GW&K Investment Management LLC lifted its stake in shares of Microchip Technology by 161.0% during the first quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after acquiring an additional 578 shares during the period. Finally, Aster Capital Management DIFC Ltd boosted its holdings in Microchip Technology by 399.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 647 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the sale, the chief financial officer owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.94% of the stock is owned by insiders.

Microchip Technology Stock Performance

Shares of MCHP opened at $66.17 on Thursday. The stock has a market capitalization of $35.71 billion, a price-to-earnings ratio of -6,617.00, a PEG ratio of 1.94 and a beta of 1.55. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $82.87. The firm has a fifty day simple moving average of $69.22 and a 200 day simple moving average of $57.96. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The business had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the previous year, the business earned $0.57 earnings per share. Microchip Technology's quarterly revenue was down 26.8% on a year-over-year basis. Research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MCHP has been the topic of several recent research reports. The Goldman Sachs Group began coverage on shares of Microchip Technology in a research note on Thursday, July 10th. They issued a "buy" rating and a $88.00 target price on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a report on Friday, May 9th. Raymond James Financial raised their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research report on Friday, May 9th. Evercore ISI upped their price objective on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Finally, Bank of America raised Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research note on Friday, May 9th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $74.42.

Microchip Technology 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.

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.