Short Term Price Target on Microchip Technology Incorporated (MCHP)

Microchip Technology Incorporated (NASDAQ:MCHP) : Currently there are 9 street experts covering Microchip Technology Incorporated (NASDAQ:MCHP) stock. The most bullish and bearish price target for the stock is $63 and $40 respectively for the short term. The average price target of all the analysts comes to $54.28. The estimated standard deviation from the target is $7.22.

Microchip Technology Inc. has lost 3.94% in the last five trading days and dropped 1.84% in the last 4 weeks. Microchip Technology Inc. is up 5.93% in the last 3-month period. Year-to-Date the stock performance stands at 10.82%. Also, CLSA initiates coverage on Microchip Technology Incorporated (NASDAQ:MCHP). The current rating of the shares is Buy, according to the research report released by the firm. The brokerage firm announces the price target at $58 per share. The rating by the firm was issued on May 17, 2016.

Microchip Technology Incorporated (NASDAQ:MCHP) has an average broker rating of 1.88, which is interpreted as a Buy, as rated by 8 equity analysts. Nonetheless, 4 analysts are positive on the stocks future and they recommend a Strong Buy on the stock. 1 other analysts advise a Buy. Nevertheless, the majority of 3 analysts consider that the stock is a Hold with neither a large upside nor a downside. Ranking by Zacks Investment Research for Coach Inc is 3, which is also a Hold.

Microchip Technology Incorporated (NASDAQ:MCHP): During Thursdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $49.78 and $49.50 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $50.81. The buying momentum continued till the end and the stock did not give up its gains. It closed at $50.76, notching a gain of 2.13% for the day. The total traded volume was 3,357,183 . The stock had closed at $49.70 on the previous day.

In an insider trading activity,The officer (COO) of Microchip Technology Inc, Moorthy Ganesh sold 10,000 shares at $51.69 on June 1, 2016. The Insider selling transaction had a total value worth of $516,900. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing.

Microchip Technology Incorporated develops, manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments, including semiconductor products and technology licensing. The Companys product portfolio consists of general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; linear, mixed-signal, power management; thermal management; Radio-frequency (RF), safety, security, wired connectivity and wireless connectivity devices, as well as serial EEPROMs, Serial Flash memories, Parallel Flash memories and serial Static Random Access Memory (SRAM). The Company also licenses Flash-IP solutions that are incorporated in a range of products. The Companys products are applicable in the automotive, communications, computing, consumer and industrial control markets.

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