Susquehanna analyst Christopher Rolland reiterated a Buy rating on Microchip (MCHP) today and set a price target of $185.00. The company’s shares closed last Friday at $143.16, close to its 52-week high of $155.36.
According to TipRanks.com, Rolland is a top 100 analyst with an average return of 22.3% and a 74.8% success rate. Rolland covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Raytheon Technologies, and NXP Semiconductors.
Microchip has an analyst consensus of Strong Buy, with a price target consensus of $167.71, implying a 16.7% upside from current levels. In a report released yesterday, Mizuho Securities also reiterated a Buy rating on the stock with a $158.00 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.
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.
