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In a report issued on September 15, Angelo Zino from CFRA maintained a Buy rating on Microchip (NASDAQ: MCHP), with a price target of $110. The company’s shares opened today at $80.78, close to its 52-week low of $78.33.
Zino said:
“Sales are likely to increase 48% in FY 19 (Mar.) and 11% in FY 20, reflecting the acquisition of 14% increase in FY 18. MCHP is gaining share within most microcontroller categories, driven by new product momentum. Orders are likely to trend upwards over time, but there is limited visibility given demand uncertainty in China.”
According to TipRanks.com, Zino is ranked #4675 out of 4876 analysts.
Currently, the analyst consensus on Microchip is a Strong Buy with an average price target of $115.88.
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Microchip’s market cap is currently $18.93B and has a P/E ratio of 191.40. The company has a Price to Book ratio of 3.69.
Based on the recent corporate insider activity of 80 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MCHP in relation to earlier this year. Last month, Esther Johnson, a Director at MCHP bought 2,387 shares for a total of $208,648.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Microchip Technology, Inc. engages in developing and manufacturing semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments.
