Piper Sandler Raises Micron Technology (NASDAQ:MU) Price Target to $150.00

Micron Technology (NASDAQ:MU) had its price target lifted by Piper Sandler from $130.00 to $150.00 in a report issued on Thursday, Benzinga reports. Piper Sandler currently has an overweight rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also weighed in on MU. Raymond James increased their price objective on Micron Technology from $130.00 to $160.00 and gave the company an outperform rating in a report on Friday, June 21st. Stifel Nicolaus increased their price objective on Micron Technology from $140.00 to $165.00 and gave the company a buy rating in a report on Tuesday, June 18th. Wedbush increased their price objective on Micron Technology from $130.00 to $170.00 and gave the company an outperform rating in a report on Tuesday, June 18th. Needham & Company LLC increased their price objective on Micron Technology from $100.00 to $120.00 and gave the company a buy rating in a report on Thursday, March 21st. Finally, Rosenblatt Securities reissued a buy rating and set a $225.00 price objective on shares of Micron Technology in a report on Tuesday, June 25th. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $158.52.

Micron Technology Stock Performance

Shares of MU opened at $131.53 on Thursday. The company has a current ratio of 3.41, a quick ratio of 2.40 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $145.65 billion, a price-to-earnings ratio of -92.63 and a beta of 1.21. The stock has a 50 day moving average of $128.07 and a 200 day moving average of $106.46. Micron Technology has a 12 month low of $60.50 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. Micron Technology’s revenue was up 81.5% on a year-over-year basis. During the same period last year, the business posted ($1.57) earnings per share. As a group, sell-side analysts forecast that Micron Technology will post 0.39 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be given a dividend of $0.115 per share. The ex-dividend date is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.35%. Micron Technology’s payout ratio is -32.39%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Sumit Sadana sold 13,239 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the sale, the executive vice president now owns 260,857 shares in the company, valued at $30,981,985.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Sumit Sadana sold 13,239 shares of Micron Technology stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $118.77, for a total value of $1,572,396.03. Following the transaction, the executive vice president now owns 260,857 shares in the company, valued at $30,981,985.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $115.55, for a total value of $1,733,250.00. Following the completion of the sale, the senior vice president now directly owns 153,387 shares in the company, valued at $17,723,867.85. The disclosure for this sale can be found here. Insiders have sold 304,840 shares of company stock worth $37,961,924 over the last 90 days. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Several large investors have recently modified their holdings of MU. Mutual Advisors LLC boosted its position in shares of Micron Technology by 112.9% in the 3rd quarter. Mutual Advisors LLC now owns 10,288 shares of the semiconductor manufacturer’s stock worth $700,000 after purchasing an additional 5,456 shares in the last quarter. Vinva Investment Management Ltd bought a new position in Micron Technology in the 3rd quarter worth $450,000. Gotham Asset Management LLC boosted its holdings in Micron Technology by 1.1% in the 3rd quarter. Gotham Asset Management LLC now owns 26,873 shares of the semiconductor manufacturer’s stock worth $1,828,000 after buying an additional 281 shares during the period. First Dallas Securities Inc. boosted its holdings in Micron Technology by 295.9% in the 3rd quarter. First Dallas Securities Inc. now owns 91,252 shares of the semiconductor manufacturer’s stock worth $6,208,000 after buying an additional 68,202 shares during the period. Finally, United Services Automobile Association boosted its holdings in Micron Technology by 14.8% in the 3rd quarter. United Services Automobile Association now owns 28,723 shares of the semiconductor manufacturer’s stock worth $1,954,000 after buying an additional 3,705 shares during the period. 80.84% of the stock is owned by institutional investors.

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.