Bank of America Increases Micron Technology (NASDAQ:MU) Price Target to $170.00

Micron Technology (NASDAQ:MUGet Free Report) had its price objective upped by investment analysts at Bank of America from $144.00 to $170.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Bank of America‘s price target points to a potential upside of 10.79% from the company’s current price.

Several other research firms have also recently issued reports on MU. Robert W. Baird upgraded shares of Micron Technology from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $115.00 to $150.00 in a research report on Monday, May 6th. Wells Fargo & Company lifted their price objective on shares of Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Barclays lifted their price objective on shares of Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. KeyCorp lifted their price objective on shares of Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Argus upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research report on Thursday, March 21st. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average target price of $137.92.

Read Our Latest Stock Analysis on MU

Micron Technology Stock Performance

MU opened at $153.45 on Monday. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The company has a market cap of $169.93 billion, a price-to-earnings ratio of -44.48 and a beta of 1.21. The company’s 50 day moving average is $124.61 and its 200 day moving average is $102.82. Micron Technology has a 12-month low of $60.50 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MUGet Free Report) last released its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the business earned ($2.03) EPS. The firm’s revenue was up 57.7% compared to the same quarter last year. On average, equities research analysts predict that Micron Technology will post 0.29 EPS for the current year.

Insider Buying and Selling at Micron Technology

In related news, EVP Sumit Sadana sold 13,239 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the transaction, the executive vice president now directly owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Sumit Sadana sold 13,239 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the transaction, the executive vice president now directly owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $113.38, for a total transaction of $5,102,100.00. Following the completion of the transaction, the chief executive officer now directly owns 758,557 shares of the company’s stock, valued at $86,005,192.66. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 365,446 shares of company stock valued at $43,826,633. 0.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Atria Investments Inc grew its stake in shares of Micron Technology by 0.3% during the 1st quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after purchasing an additional 93 shares during the period. Revolve Wealth Partners LLC grew its stake in shares of Micron Technology by 1.5% during the 1st quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after purchasing an additional 98 shares during the period. Retirement Group LLC grew its stake in shares of Micron Technology by 37.3% during the 1st quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after purchasing an additional 100 shares during the period. AIA Group Ltd grew its stake in shares of Micron Technology by 2.1% during the 1st quarter. AIA Group Ltd now owns 4,821 shares of the semiconductor manufacturer’s stock worth $568,000 after purchasing an additional 101 shares during the period. Finally, Manchester Capital Management LLC grew its stake in shares of Micron Technology by 5.2% during the 1st quarter. Manchester Capital Management LLC now owns 2,119 shares of the semiconductor manufacturer’s stock worth $250,000 after purchasing an additional 104 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Company Profile

(Get Free Report)

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.

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