Micron Technology (NASDAQ:MU) Price Target Raised to $180.00

Micron Technology (NASDAQ:MUFree Report) had its price objective increased by Cantor Fitzgerald from $150.00 to $180.00 in a research note released on Monday, Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock. Cantor Fitzgerald also issued estimates for Micron Technology’s FY2024 earnings at $0.53 EPS.

Several other research analysts have also recently issued reports on the company. UBS Group lifted their target price on Micron Technology from $125.00 to $155.00 and gave the company a buy rating in a research report on Monday, June 10th. KeyCorp boosted their price target on shares of Micron Technology from $135.00 to $150.00 and gave the stock an overweight rating in a report on Monday, April 8th. Needham & Company LLC lifted their target price on shares of Micron Technology from $100.00 to $120.00 and gave the stock a buy rating in a research report on Thursday, March 21st. TD Cowen upped their target price on Micron Technology from $120.00 to $150.00 and gave the company an outperform rating in a report on Thursday, March 21st. Finally, The Goldman Sachs Group boosted their price objective on Micron Technology from $122.00 to $138.00 and gave the stock a buy rating in a research report on Tuesday, June 4th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology currently has a consensus rating of Moderate Buy and a consensus price target of $137.92.

Check Out Our Latest Stock Analysis on MU

Micron Technology Stock Up 3.8 %

Micron Technology stock opened at $153.45 on Monday. The firm has a market capitalization of $169.93 billion, a price-to-earnings ratio of -44.48 and a beta of 1.21. The firm’s fifty day moving average price is $125.23 and its two-hundred day moving average price is $103.17. Micron Technology has a 1-year low of $60.50 and a 1-year high of $157.54. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MUGet Free Report) last announced its quarterly 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 business had revenue of $5.82 billion for 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 8.98%. The firm’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($2.03) EPS. On average, equities research analysts predict that Micron Technology will post 0.29 earnings per share for the current fiscal year.

Insider Activity at Micron Technology

In other news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction dated 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 sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 value of $1,572,396.03. Following the sale, the executive vice president now owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 319,119 shares in the company, valued at $38,032,602.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 320,446 shares of company stock worth $38,724,533. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently made changes to their positions in the stock. Northern Trust Corp increased its stake in Micron Technology by 0.7% in the third quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock valued at $737,015,000 after acquiring an additional 80,345 shares during the last quarter. Merlin Capital Inc purchased a new position in shares of Micron Technology during the 3rd quarter valued at about $407,000. TCW Group Inc. lifted its holdings in shares of Micron Technology by 5.7% in the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after acquiring an additional 28,649 shares during the last quarter. Savoie Capital LLC bought a new position in shares of Micron Technology during the 3rd quarter valued at $4,229,000. Finally, TrinityPoint Wealth LLC lifted its stake in shares of Micron Technology by 33.9% in the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock valued at $2,948,000 after acquiring an additional 8,736 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

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.

Further Reading

Analyst Recommendations for Micron Technology (NASDAQ:MU)

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