Microchip Technology Incorporated (MCHP) Shares are Up 6.98%

Microchip Technology Incorporated (MCHP) : Traders are bullish on Microchip Technology Incorporated (MCHP) as it has outperformed the S&P 500 by a wide margin of 11.39% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 6.93%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 6.98% in the last 1 week, and is up 12.54% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.

The stock has recorded a 20-day Moving Average of 7.89% and the 50-Day Moving Average is 13.39%. Microchip Technology Incorporated (NASDAQ:MCHP): On Fridays trading session , Opening price of the stock was $61.52 with an intraday high of $61.52. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $60.285. However, the stock managed to close at $60.51, a loss of 0.43% for the day. On the previous day, the stock had closed at $60.77. The total traded volume of the day was 1,470,643 shares.


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 98.91% of Microchip Technology Incorporated shares. During last six month period, the net percent change held by insiders has seen a change of -22.59%. Also, Brokerage firm Citigroup maintains its rating on Microchip Technology Incorporated (NASDAQ:MCHP). As per the latest information, the brokerage house raises the price target to $64 per share from a prior target of $54. The shares have been rated Buy. The rating by the firm was issued on August 9, 2016.

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.

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