Micron Technology (NASDAQ:MU) Price Target Raised to $172.00

Micron Technology (NASDAQ:MU) had its price objective hoisted by Robert W. Baird from $150.00 to $172.00 in a research report report published on Monday morning, Benzinga reports. They currently have an outperform rating on the semiconductor manufacturer’s stock.

A number of other research firms have also issued reports on MU. Stifel Nicolaus boosted their price target on shares of Micron Technology from $140.00 to $165.00 and gave the company a buy rating in a report on Tuesday, June 18th. The Goldman Sachs Group boosted their price target on shares of Micron Technology from $122.00 to $138.00 and gave the company a buy rating in a report on Tuesday, June 4th. Citigroup restated a buy rating and set a $150.00 price target on shares of Micron Technology in a report on Thursday, April 4th. Bank of America upped their price objective on shares of Micron Technology from $144.00 to $170.00 and gave the company a buy rating in a research note on Monday, June 17th. Finally, Wolfe Research upped their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the company an outperform rating in a research note on Friday, June 21st. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $153.00.

Micron Technology Stock Up 0.9 %

NASDAQ MU opened at $142.36 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The company’s 50 day simple moving average is $126.64 and its 200 day simple moving average is $105.26. Micron Technology has a 12 month low of $60.50 and a 12 month high of $157.54. The company has a market capitalization of $157.65 billion, a P/E ratio of -41.26 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the previous year, the firm earned ($1.57) EPS. The business’s revenue for the quarter was up 81.5% on a year-over-year basis. Equities research analysts expect that Micron Technology will post 0.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total value of $1,733,250.00. Following the completion of the transaction, the senior vice president now owns 153,387 shares in the company, valued at approximately $17,723,867.85. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction on Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the completion of the transaction, the executive vice president now owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The disclosure for this sale can be found here. In the last three months, insiders sold 304,840 shares of company stock valued at $37,961,924. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently made changes to their positions in the business. TCW Group Inc. increased its position in shares of Micron Technology by 5.7% during the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after purchasing an additional 28,649 shares in the last quarter. Gulf International Bank UK Ltd increased its position in shares of Micron Technology by 6.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after purchasing an additional 5,958 shares in the last quarter. Savoie Capital LLC acquired a new stake in shares of Micron Technology during the 3rd quarter worth about $4,229,000. TrinityPoint Wealth LLC increased its position in shares of Micron Technology by 33.9% during the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after purchasing an additional 8,736 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC increased its position in shares of Micron Technology by 176.9% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 15,802 shares of the semiconductor manufacturer’s stock worth $1,349,000 after purchasing an additional 10,096 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.