On June 2, Microchip Technology rose 4.43% in regular trading, trading at $98.11/share, with trading volume of approximately $120 million.
On the news front, the company announced selective price increases across its product portfolio due to broad-based input cost pressures, while reaffirming that the adjustments will have no impact on fiscal Q4 results or previously issued guidance for the quarter ending June 30. Management emphasized that the pricing changes have been incorporated into current quarter operational planning.
Additionally, the company's Data Center Solutions Business Unit demonstrated strong momentum, posting 62.9% year-over-year revenue growth in the March quarter. Microchip projects this unit will grow approximately 65% in calendar year 2026 to roughly $500 million, up from $302.7 million in 2025. The broader data center and compute end market now represents approximately 18% of total revenue. The company also announced the appointment of Mitch Little to its board of directors. Previously, J.P. Morgan raised its target price on the stock from $95 to $120, with multiple institutions upgrading expectations following better-than-expected quarterly results.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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