Micron Technology (NASDAQ:MU) Price Target Raised to $85.00 at The Goldman Sachs Group

Micron Technology (NASDAQ:MU) had its price target hoisted by investment analysts at The Goldman Sachs Group from $80.00 to $85.00 in a research note issued to investors on Tuesday, FlyOnTheWall reports. The Goldman Sachs Group’s price objective would indicate a potential upside of 20.57% from the stock’s current price.

Several other equities analysts have also recently weighed in on MU. StockNews.com assumed coverage on Micron Technology in a report on Thursday, August 17th. They issued a “sell” rating for the company. Evercore ISI raised their price objective on Micron Technology from $75.00 to $80.00 in a report on Monday, June 26th. Wolfe Research began coverage on shares of Micron Technology in a research note on Wednesday, July 19th. They issued an “outperform” rating and a $80.00 target price for the company. Stifel Nicolaus raised their target price on shares of Micron Technology from $55.00 to $65.00 in a research note on Monday, June 26th. Finally, VNET Group reiterated a “maintains” rating on shares of Micron Technology in a research note on Thursday, June 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.29.

Micron Technology Price Performance

MU stock opened at $70.50 on Tuesday. The stock has a 50-day moving average price of $67.14 and a two-hundred day moving average price of $64.27. The stock has a market cap of $77.22 billion, a PE ratio of -26.31 and a beta of 1.36. The company has a current ratio of 4.26, a quick ratio of 2.64 and a debt-to-equity ratio of 0.29. Micron Technology has a 1 year low of $48.43 and a 1 year high of $74.77.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, June 28th. The semiconductor manufacturer reported ($1.43) earnings per share for the quarter, beating the consensus estimate of ($1.61) by $0.18. The company had revenue of $3.75 billion during the quarter, compared to analysts’ expectations of $3.65 billion. Micron Technology had a negative return on equity of 5.40% and a negative net margin of 16.02%. Micron Technology’s revenue for the quarter was down 56.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.50 EPS. Equities analysts forecast that Micron Technology will post -5.07 EPS for the current fiscal year.

Insider Activity

In related news, EVP Sumit Sadana sold 42,667 shares of Micron Technology stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $70.05, for a total value of $2,988,823.35. Following the transaction, the executive vice president now directly owns 208,987 shares of the company’s stock, valued at $14,639,539.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Micron Technology news, SVP Michael W. Bokan sold 45,456 shares of the business’s stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $70.87, for a total transaction of $3,221,466.72. Following the sale, the senior vice president now owns 150,086 shares of the company’s stock, valued at $10,636,594.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Sumit Sadana sold 42,667 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $70.05, for a total transaction of $2,988,823.35. Following the sale, the executive vice president now directly owns 208,987 shares in the company, valued at approximately $14,639,539.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 226,810 shares of company stock worth $15,577,970. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Caprock Group LLC acquired a new position in shares of Micron Technology during the first quarter worth $899,000. D.B. Root & Company LLC acquired a new position in shares of Micron Technology during the first quarter worth $292,000. MGO One Seven LLC acquired a new position in shares of Micron Technology during the first quarter worth $371,000. SVB Wealth LLC lifted its holdings in shares of Micron Technology by 16.0% during the fourth quarter. SVB Wealth LLC now owns 20,593 shares of the semiconductor manufacturer’s stock worth $1,029,000 after purchasing an additional 2,847 shares during the period. Finally, Berkshire Asset Management LLC PA acquired a new position in shares of Micron Technology during the first quarter worth $265,000. Institutional investors own 79.25% 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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.