Microchip (MCHP) Receives a Rating Update from a Top Analyst

Business Insider

4 hours ago

In a report released yesterday, William Stein from Truist Financial maintained a Hold rating on Microchip (MCHP – Research Report), with a price target of $64.00. The company's shares closed yesterday at $70.43.
Confident Investing Starts Here:
Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
According to TipRanks, Stein is a top 25 analyst with an average return of 30.5% and a 74.69% success rate. Stein covers the Technology sector, focusing on stocks such as Microchip, Intel, and Advanced Micro Devices.
In addition to Truist Financial, Microchip also received a Hold from Cantor Fitzgerald's Matthew Prisco in a report issued on June 18. However, on June 12, 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 $970.5 million and a GAAP net loss of $154.6 million. In comparison, last year the company earned a revenue of $1.33 billion and had a net profit of $154.7 million
Based on the recent corporate insider activity of 38 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. Last month, Karlton D Johnson, a Director at MCHP sold 494.00 shares for a total of $29,980.86.