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

Micron Technology (NASDAQ:MUFree Report) had its price objective raised by Wedbush from $130.00 to $170.00 in a report released on Tuesday morning, MarketBeat.com reports. Wedbush currently has an outperform rating on the semiconductor manufacturer’s stock.

Several other equities research analysts have also commented on MU. KeyCorp lifted their price target on shares of Micron Technology from $135.00 to $150.00 and gave the stock an overweight rating in a research note on Monday, April 8th. Morgan Stanley upgraded shares of Micron Technology from an underweight rating to an equal weight rating and lifted their price target for the stock from $98.00 to $130.00 in a research note on Monday, May 20th. Stifel Nicolaus reiterated a buy rating and set a $140.00 price target on shares of Micron Technology in a research note on Friday, April 12th. Fox Advisors raised shares of Micron Technology from an equal weight rating to an overweight rating in a research report on Thursday, March 21st. Finally, Piper Sandler raised their price objective on shares of Micron Technology from $95.00 to $130.00 and gave the stock an overweight 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $140.12.

Read Our Latest Research Report on MU

Micron Technology Price Performance

Shares of MU opened at $144.19 on Tuesday. Micron Technology has a twelve month low of $60.50 and a twelve month high of $157.54. The firm’s fifty day simple moving average is $125.56 and its 200-day simple moving average is $103.45. The firm has a market capitalization of $159.67 billion, a price-to-earnings ratio of -41.79 and a beta of 1.21. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MUGet Free Report) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share for the quarter, beating 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 business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the business earned ($2.03) EPS. The company’s revenue was up 57.7% on a year-over-year basis. Equities analysts forecast that Micron Technology will post 0.3 EPS for the current fiscal year.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated 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 $17,753,868.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated 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 $17,753,868.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $120.00, for a total transaction of $5,400,000.00. Following the transaction, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $89,226,840. The disclosure for this sale can be found here. Insiders sold 320,446 shares of company stock worth $38,724,533 over the last 90 days. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MU. Tidemark LLC acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $25,000. DecisionPoint Financial LLC acquired a new position in shares of Micron Technology in the first quarter valued at approximately $25,000. Pingora Partners LLC acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $26,000. Frank Rimerman Advisors LLC acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $29,000. Finally, Valued Wealth Advisors LLC raised its position in shares of Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

About Micron Technology

(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.

Featured Stories

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.