Micron Technology (NASDAQ:MU) Price Target Raised to $170.00

Micron Technology (NASDAQ:MU) had its price target lifted by Bank of America from $144.00 to $170.00 in a report published on Monday, Benzinga reports. Bank of America currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other research analysts have also recently weighed in on MU. Stifel Nicolaus reaffirmed a buy rating and issued a $140.00 price objective on shares of Micron Technology in a report on Friday, April 12th. Barclays upped their price target on Micron Technology from $120.00 to $145.00 and gave the stock an overweight rating in a report on Monday, May 13th. JPMorgan Chase & Co. raised their price objective on Micron Technology from $105.00 to $130.00 and gave the company an overweight rating in a report on Thursday, March 21st. UBS Group boosted their price objective on Micron Technology from $125.00 to $155.00 and gave the company a buy rating in a research report on Monday, June 10th. Finally, TD Cowen increased their target price on Micron Technology from $120.00 to $150.00 and gave the company an outperform rating in a research report on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average target price of $137.92.

Micron Technology Stock Up 3.8 %

Shares of MU opened at $153.45 on Monday. The company has a market capitalization of $169.93 billion, a price-to-earnings ratio of -44.48 and a beta of 1.21. Micron Technology has a 52 week low of $60.50 and a 52 week high of $157.54. The stock’s 50-day moving average price is $125.23 and its 200-day moving average price is $103.17. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The business’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($2.03) EPS. On average, sell-side analysts predict that Micron Technology will post 0.29 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the completion of the sale, the senior vice president now directly owns 153,387 shares in the company, valued at $17,723,867.85. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $115.55, for a total value of $1,733,250.00. Following the completion of the transaction, the senior vice president now directly owns 153,387 shares in the company, valued at $17,723,867.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 320,446 shares of company stock valued at $38,724,533. Insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after buying an additional 1,681,815 shares in the last quarter. Capital World Investors increased its position in shares of Micron Technology by 6.6% during the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after acquiring an additional 1,400,154 shares during the period. Sanders Capital LLC raised its stake in shares of Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after acquiring an additional 503,923 shares in the last quarter. Capital International Investors boosted its holdings in Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after purchasing an additional 2,397,885 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in Micron Technology by 22.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Company Profile

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.