Micron Technology (NASDAQ:MU) PT Raised to $140.00

Micron Technology (NASDAQ:MU) had its target price boosted by research analysts at Raymond James from $125.00 to $140.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the semiconductor manufacturer’s stock. Raymond James’ price target would suggest a potential upside of 30.23% from the stock’s current price.

Several other brokerages also recently issued reports on MU. Cantor Fitzgerald raised their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Monday, June 17th. Robert W. Baird upped their price objective on Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a research note on Monday, June 24th. Wells Fargo & Company dropped their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. Stifel Nicolaus decreased their target price on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Finally, Bank of America upped their price target on Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $144.38.

Micron Technology Price Performance

Micron Technology stock opened at $107.50 on Thursday. The stock has a market cap of $119.20 billion, a P/E ratio of -75.70, a price-to-earnings-growth ratio of 0.20 and a beta of 1.17. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $97.77 and a 200-day simple moving average of $114.60. Micron Technology has a 12-month low of $63.83 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period last year, the business earned ($1.21) EPS. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. Equities analysts expect that Micron Technology will post 0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently modified their holdings of MU. Paragon Capital Management Inc. acquired a new stake in Micron Technology during the second quarter valued at $2,309,000. Centaurus Financial Inc. raised its stake in shares of Micron Technology by 13.2% during the 2nd quarter. Centaurus Financial Inc. now owns 13,293 shares of the semiconductor manufacturer’s stock worth $1,748,000 after purchasing an additional 1,554 shares in the last quarter. SS&H Financial Advisors Inc. lifted its holdings in shares of Micron Technology by 3.2% during the 2nd quarter. SS&H Financial Advisors Inc. now owns 21,265 shares of the semiconductor manufacturer’s stock valued at $2,797,000 after buying an additional 650 shares during the last quarter. Heritage Wealth Management Inc. bought a new stake in shares of Micron Technology in the 2nd quarter valued at approximately $445,000. Finally, Sanctuary Advisors LLC acquired a new position in Micron Technology in the second quarter worth approximately $5,306,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

About Micron Technology

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.