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Microchip (MCHP): New Buy Recommendation for This Technology Giant

Tipranks - Tipranks - Thu Jun 4, 7:40AM CDT

Stifel Nicolaus analyst Tore Svanberg maintained a Buy rating on Microchip today and set a price target of $108.00.

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Svanberg covers the Technology sector, focusing on stocks such as Marvell, Power Integrations, and MACOM Technology Solutions Holdings. According to TipRanks, Svanberg has an average return of 43.4% and a 66.80% success rate on recommended stocks.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Microchip with a $113.55 average price target.

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Based on Microchip’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.31 billion and a net profit of $144.2 million. In comparison, last year the company earned a revenue of $970.5 million and had a GAAP net loss of $154.6 million

Based on the recent corporate insider activity of 58 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MCHP in relation to earlier this year. Last month, Matthew Chapman, a Director at MCHP sold 3,000.00 shares for a total of $292,530.00.

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