Micron Technology (NASDAQ:MU) Trading Up 4.9% Following Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU)’s share price rose 4.9% 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 $157.54 and last traded at $155.11. Approximately 19,651,879 shares changed hands during mid-day trading, an increase of 3% from the average daily volume of 19,045,799 shares. The stock had previously closed at $147.83.

A number of other research analysts have also recently commented on the company. Wells Fargo & Company increased their target price on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Barclays increased their target price on Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. The Goldman Sachs Group increased their target price on Micron Technology from $122.00 to $138.00 and gave the company a “buy” rating in a research note on Tuesday, June 4th. Finally, Robert W. Baird raised Micron Technology from a “neutral” rating to an “outperform” rating and increased their target price for the company from $115.00 to $150.00 in a research note on Monday, May 6th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $137.92.

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total transaction of $941,990.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at $96,762,423.93. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the firm’s 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 completion of the sale, the executive vice president now directly owns 319,119 shares in the company, valued at $38,032,602.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $134.57, for a total transaction of $941,990.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $96,762,423.93. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 365,446 shares of company stock worth $43,826,633. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of MU. Keynote Financial Services LLC bought a new position in shares of Micron Technology during the first quarter valued at approximately $789,000. EverSource Wealth Advisors LLC increased its stake in shares of Micron Technology by 15.3% during the first quarter. EverSource Wealth Advisors LLC now owns 4,485 shares of the semiconductor manufacturer’s stock valued at $507,000 after purchasing an additional 596 shares in the last quarter. Westwood Holdings Group Inc. bought a new position in shares of Micron Technology during the first quarter valued at approximately $8,558,000. EULAV Asset Management increased its stake in shares of Micron Technology by 12.1% during the first quarter. EULAV Asset Management now owns 37,000 shares of the semiconductor manufacturer’s stock valued at $4,362,000 after purchasing an additional 4,000 shares in the last quarter. Finally, Soltis Investment Advisors LLC bought a new position in shares of Micron Technology during the first quarter valued at approximately $245,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Up 3.8 %

The stock’s 50 day simple moving average is $124.61 and its two-hundred day simple moving average is $102.82. The firm has a market cap of $169.93 billion, a P/E ratio of -44.48 and a beta of 1.21. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

Micron Technology (NASDAQ:MU) last announced its earnings results 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. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same quarter last year, the firm earned ($2.03) earnings per share. As a group, research analysts forecast that Micron Technology, Inc. will post 0.29 earnings per share for the current year.

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.