After Nomura and Piper Jaffray gave Microchip (NASDAQ: MCHP) a Buy rating last month, the company received another Buy, this time from Jefferies. Analyst Mark Lipacis reiterated a Buy rating on Microchip today and set a price target of $115. The company’s shares opened today at $88.40.
According to TipRanks.com, Lipacis is a top 25 analyst with an average return of 29.5% and a 76.9% success rate. Lipacis covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Texas Instruments, and Maxim Integrated.
Microchip has an analyst consensus of Strong Buy, with a price target consensus of $116.06, implying a 31.3% upside from current levels. In a report issued on July 27, Piper Jaffray also maintained a Buy rating on the stock with a $150 price target.
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Microchip’s market cap is currently $23.05B and has a P/E ratio of 100.08. The company has a Price to Book ratio of 7.03.
Based on the recent corporate insider activity of 81 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.
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.
