Micron Technology (NASDAQ:MU) had its target price upped by investment analysts at Smith Barney Citigroup from $100.00 to $113.00 in a note issued to investors on Friday, The Fly reports. Smith Barney Citigroup’s target price would indicate a potential upside of 45.96% from the stock’s current price.
MU has been the topic of a number of other research reports. Needham & Company LLC raised their price target on Micron Technology from $80.00 to $100.00 and gave the stock a “buy” rating in a report on Friday. Deutsche Bank Aktiengesellschaft raised their price target on Micron Technology from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, January 5th. Rosenblatt Securities raised their price target on Micron Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday. UBS Group lowered their price target on Micron Technology from $63.00 to $61.00 and set a “buy” rating on the stock in a report on Wednesday, September 30th. Finally, Piper Sandler raised their price target on Micron Technology from $65.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company’s stock. Micron Technology has a consensus rating of “Buy” and an average price target of $84.19.
MU opened at $77.42 on Friday. The business’s 50-day simple moving average is $70.07 and its 200-day simple moving average is $54.85. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.86 and a current ratio of 2.71. Micron Technology has a one year low of $31.13 and a one year high of $84.16. The stock has a market capitalization of $86.47 billion, a P/E ratio of 32.67, a price-to-earnings-growth ratio of 1.83 and a beta of 1.37.
Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, January 6th. The semiconductor manufacturer reported $0.78 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.07. Micron Technology had a return on equity of 7.73% and a net margin of 12.54%. The business had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the firm earned $0.48 earnings per share. The business’s revenue was up 12.2% compared to the same quarter last year. On average, equities research analysts forecast that Micron Technology will post 3.12 EPS for the current fiscal year.
In related news, EVP Scott J. Deboer sold 27,640 shares of Micron Technology stock in a transaction that occurred on Friday, November 6th. The stock was sold at an average price of $55.00, for a total transaction of $1,520,200.00. Following the completion of the transaction, the executive vice president now directly owns 198,808 shares in the company, valued at approximately $10,934,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP April S. Arnzen sold 11,668 shares of Micron Technology stock in a transaction that occurred on Monday, November 16th. The stock was sold at an average price of $61.16, for a total value of $713,614.88. Following the transaction, the senior vice president now owns 112,048 shares of the company’s stock, valued at $6,852,855.68. The disclosure for this sale can be found here. Insiders have sold a total of 126,705 shares of company stock worth $7,658,336 in the last three months. Corporate insiders own 0.30% of the company’s stock.
Several institutional investors have recently modified their holdings of MU. Baupost Group LLC MA acquired a new position in shares of Micron Technology during the 3rd quarter worth approximately $245,225,000. Arrowstreet Capital Limited Partnership raised its holdings in Micron Technology by 35.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 18,026,673 shares of the semiconductor manufacturer’s stock valued at $846,533,000 after acquiring an additional 4,699,280 shares during the last quarter. Sanders Capital LLC raised its holdings in Micron Technology by 9.2% in the 3rd quarter. Sanders Capital LLC now owns 29,258,834 shares of the semiconductor manufacturer’s stock valued at $1,498,842,000 after acquiring an additional 2,455,277 shares during the last quarter. Himalaya Capital Management LLC raised its holdings in Micron Technology by 15.8% in the 3rd quarter. Himalaya Capital Management LLC now owns 11,476,523 shares of the semiconductor manufacturer’s stock valued at $538,938,000 after acquiring an additional 1,567,100 shares during the last quarter. Finally, Aspex Management HK Ltd acquired a new position in Micron Technology in the 3rd quarter valued at $69,347,000. Hedge funds and other 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.
Recommended Story: How are capital gains distributions different for tax-deferred account?
