Microchip Technology Inc. (NASDAQ:MCHP) CEO Steve Sanghi sold 60,129 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $60.58, for a total transaction of $3,642,614.82. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Microchip Technology Inc. (NASDAQ:MCHP) traded up 0.70% during trading on Thursday, hitting $60.77. 2,574,730 shares of the stock were exchanged. Microchip Technology Inc. has a 12 month low of $37.77 and a 12 month high of $61.97. The stock has a market cap of $13.03 billion and a P/E ratio of 166.49. The stock’s 50 day moving average price is $53.92 and its 200 day moving average price is $49.21.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Monday, August 8th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. During the same quarter in the prior year, the business earned $0.69 EPS. The firm had revenue of $799.40 million for the quarter, compared to analysts’ expectations of $821.41 million. The company’s revenue for the quarter was up 58.1% on a year-over-year basis. Analysts forecast that Microchip Technology Inc. will post $3.39 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd will be paid a dividend of $0.36 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.37%.

Several analysts have recently issued reports on MCHP shares. Needham & Company LLC upped their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday. Jefferies Group restated a “buy” rating and set a $56.00 target price (up from $53.00) on shares of Microchip Technology in a research report on Saturday, May 7th. JPMorgan Chase & Co. increased their price objective on shares of Microchip Technology from $60.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday. Zacks Investment Research lowered shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 7th. Finally, Credit Suisse Group AG reissued a “buy” rating and issued a $52.00 price objective on shares of Microchip Technology in a research report on Monday, April 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and a consensus price target of $58.13.

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

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