Wells Fargo Sticks to Their Buy Rating for Microchip (MCHP)

By Jason Carr

In a report released yesterday, Gary Mobley from Wells Fargo maintained a Buy rating on Microchip (MCHPResearch Report). The company’s shares closed last Wednesday at $79.52.

According to TipRanks.com, Mobley is a 4-star analyst with an average return of 7.7% and a 50.9% success rate. Mobley covers the Consumer Goods sector, focusing on stocks such as Silicon Laboratories, Skyworks Solutions, and Cadence Design.

Microchip has an analyst consensus of Strong Buy, with a price target consensus of $108.07, implying a 43.4% upside from current levels. In a report issued on March 31, KeyBanc also maintained a Buy rating on the stock with a $85.00 price target.

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Based on Microchip’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.29 billion and net profit of $311 million. In comparison, last year the company earned revenue of $1.37 billion and had a net profit of $49.2 million.

Based on the recent corporate insider activity of 72 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.