Needham Sticks to Its Buy Rating for Microchip (MCHP)

In a report released yesterday, Rajvindra Gill from Needham maintained a Buy rating on Microchip (MCHPResearch Report), with a price target of $100. The company’s shares closed yesterday at $88.42.

According to TipRanks.com, Gill is a 5-star analyst with an average return of 11.8% and a 55.0% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies Inc, and Smart Global Holdings Inc.

Currently, the analyst consensus on Microchip is a Strong Buy with an average price target of $109.13, implying a 23.4% upside from current levels. In a report issued on July 29, Wells Fargo also maintained a Buy rating on the stock with a $115 price target.

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Based on Microchip’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $175 million. In comparison, last year the company had a net profit of $35.7 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.