Needham Believes Microchip (MCHP) Still Has Room to Grow

In a report released today, Rajvindra Gill from Needham assigned a Buy rating to Microchip (MCHP), with a price target of $200.00. The company’s shares closed last Wednesday at $150.09, close to its 52-week high of $152.85.

According to, Gill is a 5-star analyst with an average return of 10.8% and a 64.5% success rate. Gill covers the Technology sector, focusing on stocks such as Sequans Communications S A, Smart Global Holdings, and Everspin Technologies.

Currently, the analyst consensus on Microchip is a Strong Buy with an average price target of $152.69, implying a 1.9% upside from current levels. In a report issued on January 6, KeyBanc also maintained a Buy rating on the stock with a $170.00 price target.

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Based on Microchip’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1.31 billion and net profit of $73.6 million. In comparison, last year the company earned revenue of $1.34 billion and had a net profit of $109 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.

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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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