Wells Fargo Sticks to Its Hold Rating for Microchip (MCHP)
Wells Fargo analyst maintained a Hold rating on Microchip yesterday and set a price target of $95.00. The company’s shares closed yesterday at $91.37.
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In addition to Wells Fargo, Microchip also received a Hold from Morgan Stanley’s Joseph Moore in a report issued on June 2. However, on June 4, Evercore ISI maintained a Buy rating on Microchip (NASDAQ: MCHP).
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 59 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. Earlier this month, Richard Simoncic, the COO of MCHP sold 5,000.00 shares for a total of $487,550.00.
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