Micron Technology (NASDAQ:MU) Reaches New 1-Year High Following Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU) shares hit a new 52-week high on Tuesday after Stifel Nicolaus raised their price target on the stock from $140.00 to $165.00. Stifel Nicolaus currently has a buy rating on the stock. Micron Technology traded as high as $154.27 and last traded at $153.93, with a volume of 2233345 shares changing hands. The stock had previously closed at $147.83.

A number of other research analysts also recently issued reports on MU. Wells Fargo & Company upped their price target on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. Wedbush upped their target price on shares of Micron Technology from $130.00 to $170.00 and gave the company an “outperform” rating in a research note on Tuesday. The Goldman Sachs Group lifted their price target on shares of Micron Technology from $122.00 to $138.00 and gave the stock a “buy” rating in a research note on Tuesday, June 4th. KeyCorp increased 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, Citigroup reaffirmed a “buy” rating and issued a $150.00 target price on shares of Micron Technology in a research report on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $137.92.

Insider Buying and Selling at Micron Technology

In related news, CEO Sanjay Mehrotra sold 45,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $113.38, for a total value of $5,102,100.00. Following the completion of the transaction, the chief executive officer now owns 758,557 shares of the company’s stock, valued at approximately $86,005,192.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $113.38, for a total value of $5,102,100.00. Following the transaction, the chief executive officer now directly owns 758,557 shares of the company’s stock, valued at approximately $86,005,192.66. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following 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. Insiders have sold 365,446 shares of company stock valued at $43,826,633 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Micron Technology in the fourth quarter valued at $769,372,000. Wellington Management Group LLP lifted its position in Micron Technology by 43.4% during the third quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after purchasing an additional 5,257,201 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 buying an additional 3,315,988 shares during the last quarter. Morgan Stanley increased its holdings in shares of 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 buying an additional 2,852,688 shares during the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Micron Technology by 125.0% during the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after buying an additional 2,523,267 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Trading Up 3.8 %

The stock’s fifty day moving average is $124.61 and its 200 day moving average is $102.82. 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 stock has a market cap of $169.93 billion, a P/E ratio of -44.48 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion during 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 company’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same period last year, the company earned ($2.03) EPS. As a group, equities research analysts predict that Micron Technology, Inc. will post 0.29 earnings per share for the current fiscal year.

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.