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Editor's Note: TheStreet ratings do not represent the views of TheStreet's staff or its contributors. Ratings are established by computer based on metrics for performance (which includes growth, stock performance, efficiency and valuation) and risk (volatility and solvency). Companies with poor cash flow or high debt levels tend to earn lower ratings in our model. NEW YORK ( TheStreet) -- Microchip Technology (Nasdaq: MCHP) hit a new 52-week high Thursday as it is currently trading at $37.48, above its previous 52-week high of $37.43 with 1.7 million shares traded as of 2:56 p.m. ET. Average volume has been 2.1 million shares over the past 30 days. Microchip Technology has a market cap of $7.15 billion and is part of the technology sector and electronics industry. Shares are up 12.4% year to date as of the close of trading on Wednesday. Microchip Technology Incorporated engages in the development, manufacture, and sale of semiconductor products for embedded control applications. The company has a P/E ratio of 50.9, above the S&P 500 P/E ratio of 17.7.