Micron Technology (NASDAQ:MU) Shares Up 3.8% Following Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU)’s stock price rose 3.8% during mid-day trading on Wednesday 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 $153.45. Approximately 42,192,569 shares were traded during trading, an increase of 178% from the average daily volume of 15,150,144 shares. The stock had previously closed at $147.83.

Several other research analysts have also weighed in on MU. JPMorgan Chase & Co. upped their price target on Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Wells Fargo & Company raised their price target on shares of Micron Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. TD Cowen boosted their price target on shares of Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. The Goldman Sachs Group boosted their price target 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 shares of Micron Technology from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $115.00 to $150.00 in a research report on Monday, May 6th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $137.92.

Insider Transactions at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of $120.00, for a total value of $5,400,000.00. Following the completion of the sale, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at approximately $89,226,840. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $123.42, for a total transaction of $1,851,300.00. Following the sale, the senior vice president now directly owns 138,387 shares in the company, valued at $17,079,723.54. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $120.00, for a total value of $5,400,000.00. Following the completion of the transaction, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at $89,226,840. The disclosure for this sale can be found here. Insiders sold a total of 320,446 shares of company stock worth $38,724,533 over the last three months. 0.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in Micron Technology in the fourth quarter valued at about $769,372,000. Wellington Management Group LLP grew its position in Micron Technology by 43.4% during 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 during the last quarter. Price T Rowe Associates Inc. MD increased its holdings 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 valued at $2,150,743,000 after purchasing an additional 3,315,988 shares in the last quarter. Morgan Stanley raised its position in Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after purchasing an additional 2,852,688 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in Micron Technology by 125.0% in the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after purchasing an additional 2,523,267 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Up 3.8 %

The company 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 quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average price of $125.23 and a 200 day moving average price of $103.17.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (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 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 firm’s quarterly revenue was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.03) EPS. Equities 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.