Insder Trading Filing: Microchip Technology Inc. (NASDAQ:MCHP)’s President – CEO – Chairman Steve Sanghi Sold 49,901 Shares of the Company

November 23, 2016 - By Darrin Black

Insder Trading Filing: Microchip Technology Inc. (NASDAQ:MCHP)'s President   CEO   Chairman Steve Sanghi Sold 49,901 Shares of the Company

Steve Sanghi Insider Sell

Steve Sanghi, an insider of Microchip Technology Inc, currently President – CEO – Chairman recently disclosed a sizable deal with the Washington-based Security and Exchange Commission. As announced in the public document, Steve Sanghi purchased 49,901 shares of the public company, priced at $63.8 per share. $3,183,481 U.S Dollars was the deal’s value. The SEC filing’s date was November 23, 2016. He also sold 55,001 shares with value $3,565,842 USD in the last month. Steve Sanghi has ownership of around 4.15% of Microchip Technology Inc’s market cap or 9.04 million shares. Considering the size of the deal, it is difficult to remain unseen.

Microchip Technology Inc. (NASDAQ:MCHP) Ratings Coverage

Out of 12 analysts covering Microchip Technology (NASDAQ:MCHP), 10 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 83% are positive. $75 is the highest target while $43 is the lowest. The $60 average target is -9.24% below today’s ($66.11) stock price. Microchip Technology has been the topic of 22 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating given on Wednesday, August 5 by Jefferies. The rating was upgraded by Needham on Monday, January 18 to “Buy”. The firm has “Buy” rating given on Tuesday, May 17 by CLSA. On Tuesday, April 5 the stock rating was maintained by Goldman Sachs with “Sell”. Mizuho initiated Microchip Technology Inc. (NASDAQ:MCHP) on Friday, September 30 with “Neutral” rating. Jefferies maintained Microchip Technology Inc. (NASDAQ:MCHP) on Saturday, August 8 with “Buy” rating. Morgan Stanley upgraded Microchip Technology Inc. (NASDAQ:MCHP) rating on Tuesday, January 19. Morgan Stanley has “Overweight” rating and $55 price target. The stock of Microchip Technology Inc. (NASDAQ:MCHP) has “Buy” rating given on Tuesday, November 8 by Bank of America. The company was initiated on Monday, November 9 by Bank of America. Citigroup maintained Microchip Technology Inc. (NASDAQ:MCHP) rating on Tuesday, August 9. Citigroup has “Buy” rating and $64 price target.

Insitutional Activity: The institutional sentiment decreased to 0.93 in 2016 Q2. Its down 0.64, from 1.57 in 2016Q1. The ratio dived, as 30 funds sold all Microchip Technology Inc. shares owned while 163 reduced positions. 67 funds bought stakes while 236 increased positions. They now own 214.90 million shares or 2.05% more from 210.57 million shares in 2016Q1.

Blackrock Advsrs Limited holds 0.01% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 265,062 shares. Baillie Gifford holds 0.01% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 82,660 shares. First Bancorp Sioux Falls last reported 1,492 shares in the company. Verition Fund Mgmt Limited Company has invested 0.1% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP). Chesley Taft Assocs Lc accumulated 11,425 shares or 0.06% of the stock. Stevens Capital Management Limited Partnership, a Pennsylvania-based fund reported 41,265 shares. Ubs Asset Americas Inc holds 0.03% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 563,856 shares. The California-based Franklin Res has invested 0.06% in Microchip Technology Inc. (NASDAQ:MCHP). Bancorp Of Montreal Can holds 0.03% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 496,014 shares. Shinko Asset Management Com holds 600 shares or 0% of its portfolio. First Mercantile holds 0.05% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 7,535 shares. State Of New Jersey Common Pension Fund D holds 0.07% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 315,000 shares. Kcg Holding last reported 0.05% of its portfolio in the stock. Eaton Vance Management holds 0.1% of its portfolio in Microchip Technology Inc. (NASDAQ:MCHP) for 656,141 shares. Wms Ltd Llc last reported 0.04% of its portfolio in the stock.

Insider Transactions: Since May 25, 2016, the stock had 0 buys, and 12 selling transactions for $13.89 million net activity. The insider DREHOBL STEPHEN V sold $271,471. On Thursday, August 18 the insider SANGHI STEVE sold $1.76M. Shares for $90,751 were sold by MEYERCORD WADE F. LITTLE MITCHELL R had sold 3,039 shares worth $185,227 on Monday, August 22. MOORTHY GANESH sold $516,905 worth of stock. On Monday, August 22 the insider SIMONCIC RICHARD J sold $185,776. On Monday, August 22 Bjornholt James Eric sold $149,998 worth of the stock or 2,461 shares.

The stock increased 0.82% or $0.54 during the last trading session, hitting $66.11. About 1.71M shares traded hands. Microchip Technology Inc. (NASDAQ:MCHP) has risen 32.65% since April 21, 2016 and is uptrending. It has outperformed by 27.32% the S&P500.

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its clients for a range of embedded control applications. The company has a market cap of $14.36 billion. The Firm operates through two divisions: semiconductor products and technology licensing. It has a 284.14 P/E ratio. In the semiconductor products segment, the Company designs, develops, makes and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

According to Zacks Investment Research, “Microchip Technology, Inc. develops and manufactures specialized semiconductor products used by its customers for a wide variety of embedded control applications. Its product portfolio comprises microcontrollers; application-specific standard products; and related mixed-signal and memory products. The company markets its products to the consumer, automotive, office automation, communications and industrial markets.”

Analysts await Microchip Technology Inc. (NASDAQ:MCHP) to report earnings on February, 1. They expect $0.81 EPS, up 32.79% or $0.20 from last year’s $0.61 per share. MCHP’s profit will be $175.94M for 20.40 P/E if the $0.81 EPS becomes a reality. After $0.90 actual EPS reported by Microchip Technology Inc. for the previous quarter, Wall Street now forecasts -10.00% negative EPS growth.

Another recent and important Microchip Technology Inc. (NASDAQ:MCHP) news was published by Forbes.com which published an article titled: “Ex-Dividend Reminder: Microchip Technology, Ryder System and Moody’s” on November 15, 2016.

MCHP Company Profile

Microchip Technology Incorporated, incorporated on February 14, 1989, is engaged in developing, manufacturing and selling specialized semiconductor products used by its clients for a range of embedded control applications. The Firm operates through two divisions: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, makes and markets microcontrollers, development tools and analog, interface, mixed signal and timing products. The Company’s functional activities include sales, marketing, manufacturing, information technology, human resources, legal and finance.

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