Micron Technology (NASDAQ:MU) Price Target Raised to $175.00

Micron Technology (NASDAQ:MU) had its target price boosted by Citigroup from $150.00 to $175.00 in a report published on Monday morning, Benzinga reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald boosted their price objective on Micron Technology from $150.00 to $180.00 and gave the company an overweight rating in a research note on Monday, June 17th. Piper Sandler raised their price objective on shares of Micron Technology from $95.00 to $130.00 and gave the stock an overweight rating in a research report on Thursday, March 21st. JPMorgan Chase & Co. boosted their target price on shares of Micron Technology from $105.00 to $130.00 and gave the company an overweight rating in a research report on Thursday, March 21st. Wedbush raised their price target on shares of Micron Technology from $130.00 to $170.00 and gave the stock an outperform rating in a report on Tuesday, June 18th. Finally, Mizuho lifted their price target on shares of Micron Technology from $150.00 to $155.00 and gave the company a buy rating in a research note on Friday, May 31st. Two research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $153.00.

Micron Technology Price Performance

Micron Technology stock opened at $142.36 on Monday. The firm has a market cap of $157.65 billion, a P/E ratio of -41.26 and a beta of 1.21. The stock’s 50 day moving average is $126.64 and its 200 day moving average is $105.26. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. Micron Technology has a one year low of $60.50 and a one year high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same period in the prior year, the firm posted ($1.57) EPS. The company’s quarterly revenue was up 81.5% on a year-over-year basis. As a group, research analysts expect that Micron Technology will post 0.35 EPS for the current year.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the transaction, the chief executive officer now owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Manish H. Bhatia sold 53,317 shares of Micron Technology stock in a transaction dated Monday, May 6th. The stock was 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 approximately $38,032,602.42. The disclosure for this sale can be found here. Insiders sold a total of 304,840 shares of company stock valued at $37,961,924 over the last three months. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of MU. Tidemark LLC purchased a new position in Micron Technology in the 4th quarter valued at approximately $25,000. DecisionPoint Financial LLC bought a new position in shares of Micron Technology in the first quarter worth $25,000. Pingora Partners LLC purchased a new position in shares of Micron Technology in the fourth quarter valued at $26,000. Frank Rimerman Advisors LLC bought a new stake in shares of Micron Technology during the 4th quarter valued at $29,000. Finally, Valued Wealth Advisors LLC lifted its holdings in Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares in the last quarter. 80.84% of the stock is owned by 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.