Microchip Technology Incorporated (NASDAQ:MCHP) does about 4.80M shares in volume on a normal day but saw 4608821 shares change hands in Monday trading. The company now has a market cap of 40.92B USD. Its current market price is $76.31, marking an increase of 3.68% compared to the previous close of $73.60. The 52 week high reached by this stock is $80.50 whilst the lowest price level in 52 weeks is $54.33. The script in recent trading has seen the stock touch a high of $76.66 and a low of $73.85.
Microchip Technology Incorporated (MCHP) has a 20-day trading average at $72.20 and the current price is -5.20% off the 52-week high compared with 40.46% distance from its 52-week low. The 50-day simple moving average of the closing price is $73.77 and its 200-day simple moving average is $67.28. If we look at the stock’s price movements over the week, volatility stands at 3.24%, which decreases to 2.90% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 59.05 to suggest the stock is neutral.
The consensus objective for the share price is $83.04, suggesting that the stock has a potential upside of 8.1% over the period. The median price target is 9.15% away from the current levels at $84.00.
The company shares received a number of brokerage firm price updates over the past month, with the latest being on November 16, 2022 when Credit Suisse initiated the stock to “Neutral” and issued a price target of $85. Stifel upgraded the stock to “Buy” from Hold on June 28, 2022 at a price target of $70-$75. Goldman downgraded its price target at $79.
The current price level is 5.93%, 3.69%, and 13.48% away from its SMA20, SMA50, and SMA200 respectively, with the MCHP price moving above the 50-day SMA on January 23. Microchip Technology Incorporated (MCHP) stock is up 1.86% over the week and 7.15% over the past month. Its price is 8.63% year-to-date and 3.16% over the past year.
The stock last released its quarterly earnings report for quarter ended 9/29/2022, with the company’s earnings per share (EPS) of $1.46 above consensus estimates by $0.02. MCHP’s earnings per share are forecast to grow by 28.60% this year and -1.20% over next year. Expected sales for next quarter are $2.19 billion, which analysts say will come at $8.39 billion for the current fiscal year and next year at $8.31 billion. In addition, estimates put the company’s current quarterly revenue at an average of $2.16 billion.
To reach the target analysts have set, the stock logically needs to grow 8.1 percent from here.
Outstanding shares total 551.50M with insiders holding 2.08% of the shares and institutional holders owning 94.85% of the company’s common stock. The company has a return on investment of 11.30% and return on equity of 31.00%. The price to earnings ratio (P/E ratio) amounts to 23.28 while the forward price to earnings ratio is 13.03. The beta has a value of 1.59. Price to book ratio is 6.89 and price to sales ratio is 5.36.
According to a U.S. Securities and Exchange Commission filing, Vanguard Total Stock Market Index has added its position in Microchip Technology Incorporated (MCHP) to 16,727,199 shares, mirroring a recent increase by 0.55%. Vanguard Total Stock Market Index added 91754.0 shares of Microchip Technology Incorporated common stock bringing its total worth to about $1.18 billion at the end of recent close, SEC documents show. Vanguard Total Stock Market Index isn’t the only investment manager who changed stakes and is followed by Dodge & Cox Stock Fund, which sold off -5.07 million shares to end up with 14,913,966 shares worth $1.05 billion. Vanguard Mid Cap Index Fund cut their holdings by -1.02% in the company over the course of the most recent quarter. It now holds a 2.33% position in Microchip Technology Incorporated thanks to 12.8 million shares amounting to $899.29 million.