Microchip Technology Inc. (NASDAQ:MCHP) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 35,781,300 shares, an increase of 5.1% from the June 15th total of 34,058,800 shares. Based on an average daily trading volume, of 2,520,000 shares, the short-interest ratio is currently 14.2 days. Approximately 15.5% of the shares of the company are short sold.

Several brokerages have commented on MCHP. Zacks Investment Research downgraded Hallmark Financial Services from a “buy” rating to a “hold” rating in a research report on Thursday. Rosenblatt Securities began coverage on FOX in a research report on Monday, May 6th. They issued a “sell” rating and a $33.00 price target on the stock. Mizuho lifted their price target on Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Wells Fargo & Co lifted their price target on Zimmer Biomet from $143.00 to $150.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, B. Riley lifted their price target on Airgain from $19.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. Microchip Technology currently has an average rating of “Buy” and an average price target of $103.89.

Shares of MCHP traded up $0.13 on Monday, reaching $98.24. 469,514 shares of the stock traded hands, compared to its average volume of 1,711,414. The firm has a market cap of $23.35 billion, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 1.32 and a beta of 1.42. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93. Microchip Technology has a 12 month low of $60.70 and a 12 month high of $101.35. The stock’s 50-day moving average is $88.51.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. Microchip Technology’s quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.40 EPS. As a group, equities research analysts anticipate that Microchip Technology will post 5.56 earnings per share for the current year.

In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.21% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in Microchip Technology by 13.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 958,265 shares of the semiconductor company’s stock valued at $68,924,000 after purchasing an additional 112,204 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new position in shares of Microchip Technology during the fourth quarter worth approximately $448,000. Nordea Investment Management AB increased its stake in Microchip Technology by 8.3% during the 4th quarter. Nordea Investment Management AB now owns 116,946 shares of the semiconductor company’s stock worth $8,414,000 after acquiring an additional 8,942 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Microchip Technology during the 4th quarter worth $336,000. Finally, Norges Bank bought a new position in Microchip Technology during the 4th quarter worth $155,541,000.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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