Micron Technology (NASDAQ:MU) PT Raised to $68.00 at Morgan Stanley

Micron Technology (NASDAQ:MU) had its price target increased by Morgan Stanley from $63.00 to $68.00 in a report issued on Wednesday, The Fly reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price target points to a potential downside of 2.72% from the stock’s current price.

A number of other equities analysts also recently weighed in on MU. The Goldman Sachs Group raised shares of Micron Technology from a “neutral” rating to a “buy” rating and set a $58.00 price target on the stock in a research note on Monday, September 14th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Micron Technology in a research note on Tuesday, September 29th. Mizuho reissued a “buy” rating and issued a $70.00 price objective on shares of Micron Technology in a research report on Sunday, November 29th. Royal Bank of Canada reissued a “buy” rating and issued a $57.00 price objective on shares of Micron Technology in a research report on Tuesday. Finally, Needham & Company LLC increased their price objective on shares of Micron Technology from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-one have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $64.39.

NASDAQ:MU opened at $69.90 on Wednesday. The company has a quick ratio of 1.86, a current ratio of 2.71 and a debt-to-equity ratio of 0.16. The company has a market cap of $77.81 billion, a P/E ratio of 29.49, a P/E/G ratio of 1.95 and a beta of 1.27. Micron Technology has a fifty-two week low of $31.13 and a fifty-two week high of $71.12. The firm’s 50 day moving average is $56.71 and its two-hundred day moving average is $50.58.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Tuesday, September 29th. The semiconductor manufacturer reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.13. The company had revenue of $6.06 billion for the quarter, compared to the consensus estimate of $5.54 billion. Micron Technology had a net margin of 12.54% and a return on equity of 7.73%. Micron Technology’s revenue was up 24.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.56 earnings per share. Research analysts forecast that Micron Technology will post 2.34 earnings per share for the current fiscal year.

In other news, EVP Scott J. Deboer sold 10,000 shares of the firm’s stock in a transaction dated Thursday, December 3rd. The shares were sold at an average price of $70.72, for a total value of $707,200.00. Following the transaction, the executive vice president now directly owns 138,722 shares in the company, valued at approximately $9,810,419.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Joel L. Poppen sold 30,900 shares of the firm’s stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $56.80, for a total transaction of $1,755,120.00. Following the completion of the transaction, the senior vice president now owns 335,558 shares in the company, valued at $19,059,694.40. The disclosure for this sale can be found here. Insiders have sold a total of 117,654 shares of company stock worth $7,005,125 over the last quarter. 0.18% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of MU. Norinchukin Bank The lifted its position in Micron Technology by 2.9% in the 3rd quarter. Norinchukin Bank The now owns 98,869 shares of the semiconductor manufacturer’s stock valued at $4,643,000 after purchasing an additional 2,804 shares during the last quarter. First Trust Advisors LP lifted its position in Micron Technology by 10.6% in the 3rd quarter. First Trust Advisors LP now owns 2,368,297 shares of the semiconductor manufacturer’s stock valued at $111,215,000 after purchasing an additional 226,395 shares during the last quarter. Avantax Advisory Services Inc. lifted its position in Micron Technology by 115.7% in the 3rd quarter. Avantax Advisory Services Inc. now owns 40,648 shares of the semiconductor manufacturer’s stock valued at $1,904,000 after purchasing an additional 21,802 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Micron Technology in the 2nd quarter valued at about $1,409,000. Finally, Morgan Stanley lifted its position in Micron Technology by 43.3% in the 1st quarter. Morgan Stanley now owns 4,504,010 shares of the semiconductor manufacturer’s stock valued at $189,437,000 after purchasing an additional 1,361,960 shares during the last quarter. Institutional investors own 71.31% of the company’s stock.

About Micron Technology

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It offers memory and storage technologies, including DRAM, NAND, NOR, and 3D XPoint memory under the Micron and Crucial brands, as well as through private labels.

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