Microchip (MCHP) Received its Third Buy in a Row


After Nomura and Piper Jaffray gave Microchip (NASDAQ: MCHP) a Buy rating last month, the company received another Buy, this time from Susquehanna. Analyst Christopher Rolland reiterated a Buy rating on Microchip today and set a price target of $112. The company’s shares opened today at $88.40.

According to TipRanks.com, Rolland is a 5-star analyst with an average return of 10.0% and a 65.5% success rate. Rolland covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Integrated Device Tech, and Power Integrations.

Currently, the analyst consensus on Microchip is a Strong Buy with an average price target of $116.13, implying a 31.4% 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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Based on Microchip’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $35.7 million. In comparison, last year the company had a net profit of $171 million.

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.

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