Micron Technology (NASDAQ:MU) Earns “Buy” Rating from Rosenblatt Securities

Micron Technology (NASDAQ:MU)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a report issued on Wednesday,Benzinga reports. They presently have a $250.00 price objective on the semiconductor manufacturer’s stock. Rosenblatt Securities’ price target would indicate a potential upside of 130.20% from the stock’s current price.

A number of other analysts also recently weighed in on the stock. UBS Group reduced their target price on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Bank of America lifted their price objective on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and reduced their price target for the company from $140.00 to $67.00 in a report on Thursday, September 12th. China Renaissance assumed coverage on shares of Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 price target on the stock. Finally, Wells Fargo & Company reduced their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.04.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $108.60 on Wednesday. The stock has a market capitalization of $120.99 billion, a P/E ratio of 159.71 and a beta of 1.16. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The business’s 50 day simple moving average is $103.80 and its two-hundred day simple moving average is $109.12. Micron Technology has a one year low of $78.63 and a one year high of $157.54.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. The firm had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business’s revenue was up 93.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.21) earnings per share. Analysts forecast that Micron Technology will post 8.31 EPS for the current year.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MU. Dantai Capital Ltd lifted its position in shares of Micron Technology by 25.0% in the third quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock worth $2,380,000 after buying an additional 4,590 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Micron Technology by 4.6% in the third quarter. Franklin Resources Inc. now owns 7,283,124 shares of the semiconductor manufacturer’s stock valued at $789,054,000 after purchasing an additional 321,955 shares in the last quarter. Peapack Gladstone Financial Corp raised its stake in Micron Technology by 3.2% during the third quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock valued at $1,359,000 after purchasing an additional 411 shares in the last quarter. Synovus Financial Corp grew its stake in shares of Micron Technology by 58.8% in the 3rd quarter. Synovus Financial Corp now owns 21,859 shares of the semiconductor manufacturer’s stock worth $2,267,000 after buying an additional 8,095 shares in the last quarter. Finally, Tidal Investments LLC raised its position in shares of Micron Technology by 0.4% during the 3rd quarter. Tidal Investments LLC now owns 106,840 shares of the semiconductor manufacturer’s stock valued at $11,080,000 after buying an additional 420 shares in the last quarter. 80.84% of the stock is currently 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.