Microchip (MCHP) Received its Third Buy in a Row


After B.Riley FBR and Mizuho Securities gave Microchip (NASDAQ: MCHP) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Rajvindra Gill reiterated a Buy rating on Microchip today and set a price target of $100. The company’s shares closed yesterday at $82.33.

According to TipRanks.com, Gill is a 5-star analyst with an average return of 11.1% and a 54.3% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies Inc, and Smart Global Holdings Inc.

Microchip has an analyst consensus of Strong Buy, with a price target consensus of $112.14.

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Based on Microchip’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $175 million. In comparison, last year the company had a net profit of $147 million.

Based on the recent corporate insider activity of 71 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 the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments.

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