Micron Technology (NASDAQ:MU) Stock Rating Reaffirmed by Wedbush

Micron Technology (NASDAQ:MU)‘s stock had its “neutral” rating reaffirmed by stock analysts at Wedbush in a research report issued on Tuesday, RTT News reports. They presently have a $55.00 price target on the semiconductor manufacturer’s stock. Wedbush’s price objective would suggest a potential upside of 5.04% from the stock’s current price.

Other research analysts have also issued research reports about the company. Needham & Company LLC upped their price objective on Micron Technology from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Micron Technology in a research note on Monday. Zacks Investment Research cut shares of Micron Technology from a “hold” rating to a “sell” rating and set a $48.00 price objective for the company. in a research note on Monday, May 4th. Cowen restated an “outperform” rating and set a $65.00 target price (down from $70.00) on shares of Micron Technology in a research report on Thursday, March 26th. Finally, UBS Group dropped their target price on shares of Micron Technology from $70.00 to $66.00 and set a “buy” rating for the company in a report on Tuesday, May 26th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $63.26.

Shares of NASDAQ MU traded up $3.21 during mid-day trading on Tuesday, hitting $52.36. 22,730,756 shares of the company were exchanged, compared to its average volume of 22,340,930. The firm has a market cap of $57.49 billion, a price-to-earnings ratio of 25.85, a price-to-earnings-growth ratio of 2.12 and a beta of 1.61. The company has a quick ratio of 1.85, a current ratio of 2.74 and a debt-to-equity ratio of 0.15. Micron Technology has a 1-year low of $31.13 and a 1-year high of $61.19. The stock has a 50 day simple moving average of $48.38 and a 200-day simple moving average of $50.06.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Monday, June 29th. The semiconductor manufacturer reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.11. Micron Technology had a net margin of 11.72% and a return on equity of 7.16%. The firm had revenue of $5.44 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the prior year, the company posted $1.05 earnings per share. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. Analysts anticipate that Micron Technology will post 2.23 earnings per share for the current fiscal year.

In other news, SVP April S. Arnzen sold 2,542 shares of the business’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $45.00, for a total transaction of $114,390.00. Following the completion of the sale, the senior vice president now owns 73,054 shares in the company, valued at approximately $3,287,430. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust boosted its stake in shares of Micron Technology by 15.6% in the first quarter. Parkside Financial Bank & Trust now owns 1,620 shares of the semiconductor manufacturer’s stock valued at $68,000 after purchasing an additional 219 shares during the period. Glassman Wealth Services grew its stake in shares of Micron Technology by 65.6% during the first quarter. Glassman Wealth Services now owns 593 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 235 shares in the last quarter. Lindbrook Capital LLC increased its position in shares of Micron Technology by 17.2% during the first quarter. Lindbrook Capital LLC now owns 1,638 shares of the semiconductor manufacturer’s stock worth $69,000 after acquiring an additional 240 shares during the last quarter. Ausdal Financial Partners Inc. lifted its stake in shares of Micron Technology by 2.0% in the first quarter. Ausdal Financial Partners Inc. now owns 12,504 shares of the semiconductor manufacturer’s stock worth $543,000 after acquiring an additional 245 shares in the last quarter. Finally, Fagan Associates Inc. boosted its holdings in Micron Technology by 0.8% in the first quarter. Fagan Associates Inc. now owns 32,325 shares of the semiconductor manufacturer’s stock valued at $1,360,000 after purchasing an additional 250 shares during the last quarter. Institutional investors and hedge funds own 80.06% of the company’s stock.

About Micron Technology

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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