Wells Fargo Keeps Their Buy Rating on Microchip (MCHP)

By Austin Angelo

In a report issued on December 6, Gary Mobley from Wells Fargo maintained a Buy rating on Microchip (MCHPResearch Report). The company’s shares closed last Monday at $98.76, close to its 52-week high of $101.57.

According to TipRanks.com, Mobley is a 4-star analyst with an average return of 11.9% and a 60.4% success rate. Mobley covers the Consumer Goods sector, focusing on stocks such as Silicon Laboratories, Cadence Design, and Marvell.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Microchip with a $109.75 average price target, implying an 12.0% upside from current levels. In a report issued on December 3, Rosenblatt Securities also reiterated a Buy rating on the stock with a $115.00 price target.

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The company has a one-year high of $101.57 and a one-year low of $65.67. Currently, Microchip has an average volume of 2.01M.

Based on the recent corporate insider activity of 75 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.