Microchip Technology Inc. Chief Financial Officer James Eric Bjornholt sold 4,112 common shares on Aug. 25 for a total of $309,715, according to regulatory filings. The transactions were executed under a Rule 10b5-1 trading plan adopted by Bjornholt on March 12, leaving him with an indirect holding of 28,573 shares through a trust.
The shares were sold at an average price of $75.32, above Microchip’s reported closing price of $74.05 on the same day. The stock has gained roughly 13.2% sequentially and 38% year-over-year, supported by strong demand in data center components and the recent launch of PCIe Gen 6 production.
Microchip reported adjusted earnings of $0.76 per share and revenue of $1.48 billion for the fiscal first quarter, both exceeding Wall Street estimates. The company raised its guidance for the current quarter, citing anticipated growth in sales, margins and earnings.
Separately, UBS reduced its price target on Microchip to $120 from $130 while maintaining a buy rating, citing inventory normalization pressures. The brokerage’s adjustment followed shareholder approval of an amendment to Microchip’s 2004 Stock Incentive Plan, which increased authorized shares by 12 million.
