Morgan Stanley Increases Micron Technology (NASDAQ:MU) Price Target to $140.00

Micron Technology (NASDAQ:MU) had its price objective increased by equities research analysts at Morgan Stanley from $130.00 to $140.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price target indicates a potential downside of 0.79% from the stock’s current price.

Several other brokerages also recently weighed in on MU. Piper Sandler upped their target price on shares of Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Stifel Nicolaus increased their price objective on shares of Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Barclays increased their price objective on shares of Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Wedbush increased their price objective on shares of Micron Technology from $130.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday, June 18th. Finally, Robert W. Baird increased their price objective on shares of Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a report on Monday. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $153.00.

Micron Technology Trading Up 1.5 %

Shares of Micron Technology stock opened at $141.12 on Monday. The company has a market capitalization of $156.27 billion, a P/E ratio of -40.90 and a beta of 1.21. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The company has a fifty day moving average of $126.64 and a 200 day moving average of $105.26. Micron Technology has a fifty-two week low of $60.50 and a fifty-two week high of $157.54.

Insider Buying and Selling

In related news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction dated Tuesday, April 30th. The stock was 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 disclosure for this sale can be found here. Insiders have sold 304,840 shares of company stock valued at $37,961,924 in the last ninety days. 0.32% of the stock is owned by company insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently added to or reduced their stakes in MU. Norges Bank bought a new position in Micron Technology in the 4th quarter worth about $769,372,000. Wellington Management Group LLP grew its stake in Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after acquiring an additional 5,257,201 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Micron Technology by 22.2% in 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 acquiring an additional 3,315,988 shares in the last quarter. Morgan Stanley grew its stake in Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after acquiring an additional 2,852,688 shares in the last quarter. Finally, California Public Employees Retirement System grew its stake in Micron Technology by 125.0% in the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after acquiring an additional 2,523,267 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

About Micron Technology

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.