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Microchip (MCHP) Receives a Hold from Wells Fargo

In a report released today, Gary Mobley from Wells Fargo maintained a Hold rating on Microchip (MCHPResearch Report), with a price target of $60.00. The company’s shares closed last Monday at $58.81, close to its 52-week low of $54.33.

According to TipRanks.com, Mobley is a 5-star analyst with an average return of 12.0% and a 55.5% success rate. Mobley covers the Technology sector, focusing on stocks such as Silicon Laboratories, Allegro MicroSystems, and Skyworks Solutions.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Microchip with a $84.06 average price target.

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The company has a one-year high of $90.00 and a one-year low of $54.33. Currently, Microchip has an average volume of 5.09M.

Based on the recent corporate insider activity of 93 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.

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.

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