New Buy Rating for Microchip (MCHP), the Technology Giant

In a report released yesterday, Joseph Moore from Morgan Stanley maintained a Buy rating on Microchip (MCHPResearch Report), with a price target of $95.00. The company’s shares closed last Wednesday at $70.25.

According to TipRanks.com, Moore is a 4-star analyst with an average return of 13.1% and a 55.9% success rate. Moore covers the Technology sector, focusing on stocks such as NXP Semiconductors, Aeva Technologies, and Texas Instruments.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Microchip with a $176.42 average price target.

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Based on Microchip’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.57 billion and net profit of $253 million. In comparison, last year the company earned revenue of $1.31 billion and had a net profit of $124 million.

Based on the recent corporate insider activity of 87 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.

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Founded in 1989, Arizona-based Microchip Technology, Inc. is a leading provider of smart, connected and secure embedded control solutions. The company’s solutions serve more than 120,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets.