Micron Technology (NASDAQ:MU) PT Raised to $120.00

Micron Technology (NASDAQ:MUGet Free Report) had its price target lifted by Needham & Company LLC from $100.00 to $120.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Needham & Company LLC’s target price points to a potential upside of 8.88% from the stock’s current price.

Several other research firms have also commented on MU. KeyCorp reiterated an “overweight” rating on shares of Micron Technology in a research report on Wednesday, January 31st. Piper Sandler upgraded shares of Micron Technology from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $70.00 to $95.00 in a research report on Thursday, January 4th. JPMorgan Chase & Co. increased their price objective on shares of Micron Technology from $90.00 to $105.00 and gave the company an “overweight” rating in a research report on Thursday, December 21st. UBS Group increased their price objective on shares of Micron Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Stifel Nicolaus upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and increased their price objective for the company from $80.00 to $120.00 in a research report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and an average target price of $118.69.

Read Our Latest Research Report on Micron Technology

Micron Technology Stock Performance

MU opened at $110.21 on Thursday. The stock has a market capitalization of $121.66 billion, a price-to-earnings ratio of -31.94 and a beta of 1.24. The company has a fifty day moving average of $88.70 and a 200 day moving average of $79.29. Micron Technology has a fifty-two week low of $56.01 and a fifty-two week high of $113.50. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.14 and a current ratio of 3.53.

Micron Technology (NASDAQ:MUGet Free Report) last posted its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.69. The company had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.97%. Micron Technology’s quarterly revenue was up 57.7% on a year-over-year basis. During the same period last year, the company posted ($2.03) earnings per share. As a group, sell-side analysts forecast that Micron Technology will post -1.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Scott J. Deboer sold 28,228 shares of Micron Technology stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $87.24, for a total value of $2,462,610.72. Following the completion of the sale, the executive vice president now owns 203,342 shares in the company, valued at approximately $17,739,556.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Scott J. Deboer sold 28,228 shares of Micron Technology stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $87.24, for a total value of $2,462,610.72. Following the transaction, the executive vice president now directly owns 203,342 shares of the company’s stock, valued at approximately $17,739,556.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $80.44, for a total value of $563,080.00. Following the completion of the transaction, the chief executive officer now directly owns 788,557 shares in the company, valued at $63,431,525.08. The disclosure for this sale can be found here. Insiders sold 254,228 shares of company stock worth $24,036,891 in the last 90 days. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently bought and sold shares of MU. Fortis Capital Advisors LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at approximately $25,000. Tidemark LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at approximately $25,000. Pingora Partners LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at approximately $26,000. OFI Invest Asset Management acquired a new position in shares of Micron Technology in the 3rd quarter valued at approximately $27,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Micron Technology in the 3rd quarter valued at approximately $28,000. 79.25% of the stock is owned by institutional investors and hedge funds.

About Micron Technology

(Get Free Report)

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.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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