QRG Capital Management Inc. Has $10.37 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

QRG Capital Management Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 49.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 129,135 shares of the semiconductor company's stock after selling 124,884 shares during the quarter. QRG Capital Management Inc.'s holdings in Microchip Technology were worth $10,368,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Swedbank AB acquired a new stake in shares of Microchip Technology during the 1st quarter worth approximately $1,079,000. Pinnacle Associates Ltd. boosted its stake in Microchip Technology by 50.0% in the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company's stock valued at $8,486,000 after acquiring an additional 35,213 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company's stock worth $69,355,000 after acquiring an additional 93,464 shares during the period. SageView Advisory Group LLC raised its position in shares of Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company's stock valued at $1,553,000 after acquiring an additional 14,458 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new stake in shares of Microchip Technology during the 2nd quarter valued at $42,538,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of analyst reports. B. Riley decreased their price objective on Microchip Technology from $110.00 to $103.00 and set a "buy" rating for the company in a research note on Friday, August 2nd. Needham & Company LLC lowered their price target on Microchip Technology from $100.00 to $96.00 and set a "buy" rating for the company in a research note on Monday, August 5th. Truist Financial lowered shares of Microchip Technology from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. JPMorgan Chase & Co. cut their target price on shares of Microchip Technology from $110.00 to $100.00 and set an "overweight" rating on the stock in a report on Friday, August 2nd. Finally, Susquehanna lowered their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a "positive" rating for the company in a research report on Monday, October 21st. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and a consensus target price of $97.89.

Microchip Technology Stock Down 0.5 %

Shares of MCHP stock opened at $74.47 on Tuesday. The firm's fifty day moving average price is $77.28 and its two-hundred day moving average price is $85.25. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 1 year low of $71.76 and a 1 year high of $100.57. The firm has a market capitalization of $39.95 billion, a P/E ratio of 29.79 and a beta of 1.53.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company's stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.10% of the stock is owned by corporate insiders.

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.