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CHANDLER, Ariz.—James Eric Bjornholt, Senior Vice President and Chief Financial Officer of Microchip Technology Inc . (NASDAQ:MCHP), sold a portion of his shares in the company, according to a recent SEC filing. On February 25, Bjornholt sold 3,724 shares of common stock at a price of $60.88 per share, amounting to a total transaction value of $226,717. The transaction comes as the stock trades near its InvestingPro Fair Value, with shares down about 25% over the past six months.
The transaction was executed under a Rule 10b5-1 trading plan, which Bjornholt adopted on November 29, 2023. Following this sale, Bjornholt holds 33,272 shares indirectly through a trust.
Microchip Technology, a leading provider in the semiconductor industry, is headquartered in Chandler, Arizona.
In other recent news, Microchip Technology has been at the center of several significant developments. The company recently announced the retirement of Robert A. Rango from its Board of Directors, a change that was officially recorded in a recent SEC filing. Meanwhile, analysts have been adjusting their outlooks on Microchip Technology following its recent financial performance. Truist Securities lowered its price target to $56 and maintained a Hold rating, citing missed earnings expectations and guidance that fell short of projections. Piper Sandler also reduced its price target to $65 while retaining an Overweight rating, pointing to excess inventory and subdued demand in key markets. Needham adjusted its price target to $60, maintaining a Buy rating, and noted pressures on gross margins due to underutilization. Mizuho (NYSE:MFG) Securities cut its price target to $58, keeping an Outperform rating, after Microchip reported December quarter revenue that slightly missed estimates and projected further declines. Despite these challenges, Microchip’s management remains focused on strategic initiatives and has outlined a nine-point plan to navigate the current environment.
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