Microchip Technology Incorporated (NASDAQ:MCHP) has tumbled 1.99% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 4.9% in the last four weeks. The stocks have underperformed the S&P 500 by 0.81% during the past week but Microchip Technology Incorporated (NASDAQ:MCHP) it has outperformed the index in 4 weeks by 3.94%.
Microchip Technology Incorporated (NASDAQ:MCHP): The stock opened at $51.96 on Friday but the bulls could not build on the opening and the stock topped out at $51.96 for the day. The stock traded down to $51.00 during the day, due to lack of any buying support eventually closed down at $51.21 with a loss of -1.61% for the day. The stock had closed at $52.05 on the previous day. The total traded volume was 3,674,384 shares.
The company shares have rallied 3.10% from its 1 Year high price. On Jun 8, 2016, the shares registered one year high at $53.17 and the one year low was seen on Aug 24, 2015. The 50-Day Moving Average price is $49.98 and the 200 Day Moving Average price is recorded at $46.91.
On the companys insider trading activities,The officer (COO) of Microchip Technology Inc, Moorthy Ganesh sold 10,000 shares at $51.69 on June 1, 2016. The Insider selling transaction had a total value worth of $516,900. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.
Many analysts have stated their opinion on the company shares. CLSA initiates coverage on Microchip Technology Incorporated (NASDAQ:MCHP). The shares have now been rated Buy by the stock experts at the ratings house. CLSA announces the current price target of $58 per share on Microchip Technology Incorporated. The rating by the firm was issued on May 17, 2016. Currently the company Insiders own 2.5% of Microchip Technology Incorporated shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by -22.59% . Institutional Investors own 99.09% of Microchip Technology Incorporated shares. During last six month period, the net percent change held by insiders has seen a change of -18.9%.
Microchip Technology Incorporated develops, manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments, including semiconductor products and technology licensing. The Companys product portfolio consists of general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; linear, mixed-signal, power management; thermal management; Radio-frequency (RF), safety, security, wired connectivity and wireless connectivity devices, as well as serial EEPROMs, Serial Flash memories, Parallel Flash memories and serial Static Random Access Memory (SRAM). The Company also licenses Flash-IP solutions that are incorporated in a range of products. The Companys products are applicable in the automotive, communications, computing, consumer and industrial control markets.