Micron Technology (NASDAQ:MU) Rating Reiterated by Wedbush

Micron Technology (NASDAQ:MU)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research report issued on Thursday, Benzinga reports. They currently have a $170.00 price target on the semiconductor manufacturer’s stock. Wedbush’s target price indicates a potential upside of 25.56% from the company’s current price.

MU has been the topic of a number of other reports. KeyCorp lifted their target price on Micron Technology from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday. TD Cowen lifted their target price on Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group lifted their target price on Micron Technology from $125.00 to $155.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Bank of America raised their target price on Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Finally, Needham & Company LLC raised their target price on Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday. Two 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, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.60.

Micron Technology Stock Performance

MU traded down $6.97 during trading hours on Thursday, hitting $135.39. The company’s stock had a trading volume of 18,694,115 shares, compared to its average volume of 20,195,840. Micron Technology has a fifty-two week low of $60.50 and a fifty-two week high of $157.54. The firm has a market capitalization of $149.93 billion, a PE ratio of -39.24 and a beta of 1.21. The company has a 50-day simple moving average of $126.64 and a 200 day simple moving average of $105.26. 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:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The firm’s revenue for the quarter was up 81.5% on a year-over-year basis. During the same period last year, the firm earned ($1.57) EPS. As a group, sell-side analysts expect that Micron Technology will post 0.35 EPS for the current year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Scott J. Deboer sold 40,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the sale, the executive vice president now owns 158,617 shares in the company, valued at approximately $17,497,041.27. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The disclosure for this sale can be found here. Insiders have sold a total of 304,840 shares of company stock worth $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 large investors have recently added to or reduced their stakes in MU. Norges Bank acquired a new position in shares of Micron Technology in the 4th quarter worth approximately $769,372,000. Wellington Management Group LLP raised its holdings in shares of Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after buying an additional 5,257,201 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after buying an additional 3,315,988 shares in the last quarter. Morgan Stanley raised its holdings in shares of Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after buying an additional 2,852,688 shares in the last quarter. Finally, California Public Employees Retirement System raised its holdings in shares of Micron Technology by 125.0% in the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after buying an additional 2,523,267 shares in the last quarter. Institutional investors and hedge funds own 80.84% 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 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.