On June 4, Microchip Technology rose 3.3% in after-hours trading, trading at $99.74/share, with trading volume of $46.53 million.
On the news front, the company recently 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 pricing changes have been incorporated into current-quarter operational planning.
Additionally, the company's Data Center Solutions Business Unit continues to demonstrate robust momentum, posting 62.9% year-over-year revenue growth in the March quarter. Full-year revenue for this unit is projected to grow approximately 65% to roughly $500 million. Multiple institutions, including JPMorgan, have previously raised their target prices on the stock, citing improving fundamentals and recovering industry conditions.
(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.)
Comments