Microchip Technology, Inc (NASDAQ:MCHP) price on Thursday, May 22, fall -2.03% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $58.05.
A look at the stock’s price movement, the close in the last trading session was $59.25. Turning to its 52-week performance, $100.57 and $34.12 were the 52-week high and 52-week low respectively. Overall, MCHP moved 38.45% over the past month.
Microchip Technology, Inc’s market cap currently stands at around $31.22 billion, with investors looking forward to this quarter’s earnings report slated for in June. The company has a Forward Dividend ratio of 1.82, with its dividend yield at 3.13%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report.
Analysts have a consensus estimate of 1.05B for the company’s revenue for the quarter, with a low and high estimate of 1.04B and 1.07B respectively. The average forecast suggests down to a -15.62% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 4.55B, representing a 3.45% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that MCHP is a 50% Buy. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in Hold category.
14 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 5 analyst(s) rate the stock as a Hold, 8 recommend MCHP as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
MCHP’s current price about 8.31% and 18.78% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 62.25, while 7-day volatility ratio is 1.30% and 3.77% in the 30-day chart. Further, Microchip Technology, Inc (MCHP) has a beta value of 1.46, and an average true range (ATR) of 2.67. Analysts have given the company’s stock an average 52-week price target of $63, forecast between a low of $43 and high of $90. Looking at the price targets, the low is 25.93% off current price level while to achieve the yearly target high, price needs to move -55.04%. Nonetheless, investors will most likely welcome a -8.53% jump to $63 which is the analysts’ median price.
If we refocus on Microchip Technology, Inc (NASDAQ:MCHP), historical trading data shows that trading volumes averaged 12.15 million over the past 3 months. The company’s latest data on shares outstanding shows there are 537.82 million shares.
The 2.13% of Microchip Technology, Inc’s shares are in the hands of company insiders while institutional holders own 97.52% of the company’s shares. Current price change has pushed the stock 1.22% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the MCHP stock continues to rise going into the next quarter.
