Micron Technology (NASDAQ:MU) Rating Reiterated by Rosenblatt Securities

Micron Technology (NASDAQ:MU)‘s stock had its “buy” rating restated by Rosenblatt Securities in a report released on Monday, TipRanks reports. They presently have a $100.00 target price on the semiconductor manufacturer’s stock. Rosenblatt Securities’ target price would indicate a potential upside of 94.10% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Barclays cut their price target on shares of Micron Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, March 26th. Evercore ISI restated a “buy” rating and issued a $75.00 price target on shares of Micron Technology in a report on Thursday, May 28th. Morgan Stanley upped their price target on shares of Micron Technology from $52.50 to $63.00 and gave the stock an “overweight” rating in a report on Tuesday, June 16th. KeyCorp increased their target price on shares of Micron Technology from $48.00 to $59.00 and gave the stock an “overweight” rating in a report on Wednesday, May 27th. Finally, Needham & Company LLC started coverage on shares of Micron Technology in a report on Tuesday, May 26th. They set a “buy” rating and a $63.00 target price on the stock. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $63.26.

NASDAQ MU opened at $51.52 on Monday. The company’s 50-day moving average price is $48.40 and its 200-day moving average price is $50.07. The company has a current ratio of 2.74, a quick ratio of 1.85 and a debt-to-equity ratio of 0.15. The stock has a market cap of $57.30 billion, a PE ratio of 25.51, a PEG ratio of 2.12 and a beta of 1.61. Micron Technology has a 12 month low of $31.13 and a 12 month high of $61.19.

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

In related news, SVP April S. Arnzen sold 2,542 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $45.00, for a total value of $114,390.00. Following the completion of the transaction, the senior vice president now directly owns 73,054 shares of the company’s stock, valued at approximately $3,287,430. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

Several institutional investors have recently made changes to their positions in MU. Mutual Advisors LLC purchased a new position in Micron Technology during the 4th quarter worth approximately $436,000. Mid Atlantic Financial Management Inc. ADV raised its position in Micron Technology by 10.8% during the 4th quarter. Mid Atlantic Financial Management Inc. ADV now owns 7,731 shares of the semiconductor manufacturer’s stock worth $416,000 after buying an additional 752 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Micron Technology by 87.6% during the 4th quarter. Envestnet Asset Management Inc. now owns 295,190 shares of the semiconductor manufacturer’s stock worth $15,875,000 after buying an additional 137,846 shares during the last quarter. Mutual of America Capital Management LLC raised its position in Micron Technology by 1.8% during the 4th quarter. Mutual of America Capital Management LLC now owns 150,894 shares of the semiconductor manufacturer’s stock worth $8,115,000 after buying an additional 2,634 shares during the last quarter. Finally, Islay Capital Management LLC purchased a new position in Micron Technology during the 4th quarter worth approximately $35,000. 80.06% of the stock is owned by hedge funds and other institutional investors.

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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