Raymond James analyst Chris Caso maintained a Buy rating on Microchip (MCHP) on July 10. The company’s shares closed last Thursday at $103.52.
According to TipRanks.com, Caso is a 5-star analyst with an average return of 11.7% and a 54.7% success rate. Caso covers the Technology sector, focusing on stocks such as NXP Semiconductors, Skyworks Solutions, and SiTime Corporation.
Currently, the analyst consensus on Microchip is a Strong Buy with an average price target of $122.55, a 22.5% upside from current levels. In a report issued on June 29, Piper Sandler also reiterated a Buy rating on the stock with a $130.00 price target.
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Based on Microchip’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.31 billion and net profit of $124 million. In comparison, last year the company earned revenue of $1.32 billion and had a net profit of $50.7 million.
Based on the recent corporate insider activity of 78 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, Day L B, a Director at MCHP bought 1,191 shares for a total of $119,410.
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. The Semiconductor Products segment involves in the designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products. The Technology Licensing segment offers license fees and royalties associated with technology licenses for the use of SuperFlash embedded flash and Smartbits one time programmable technologies. The company was founded on February 14, 1989 and is headquartered in Chandler, AZ.
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