Micron Technology (NASDAQ:MU) Trading Up 0.8% Following Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU)’s share price was up 0.8% during mid-day trading on Monday after Citigroup raised their price target on the stock from $150.00 to $175.00. Citigroup currently has a buy rating on the stock. Micron Technology traded as high as $142.83 and last traded at $140.62. Approximately 10,042,413 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 19,626,387 shares. The stock had previously closed at $139.54.

MU has been the topic of several other research reports. KeyCorp upped their price target on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Needham & Company LLC raised their price objective on Micron Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Morgan Stanley raised Micron Technology from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $98.00 to $130.00 in a research report on Monday, May 20th. Raymond James increased their price objective on Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a report on Friday. Finally, Piper Sandler increased their price target on shares of Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.20.

Insiders Place Their Bets

In other news, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $115.55, for a total value of $1,733,250.00. Following the completion of the sale, the senior vice president now directly owns 153,387 shares of the company’s stock, valued at $17,723,867.85. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, SVP Michael W. Bokan sold 15,000 shares of Micron Technology stock in a transaction on 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 sale, the senior vice president now directly owns 153,387 shares in the company, valued at approximately $17,723,867.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the transaction, the chief executive officer now owns 743,557 shares in the company, valued at $90,780,874.13. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 309,730 shares of company stock worth $38,545,301. Insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. DecisionPoint Financial LLC purchased a new position in shares of Micron Technology in the 1st quarter worth about $25,000. Valued Wealth Advisors LLC raised its stake in shares of Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after acquiring an additional 173 shares in the last quarter. Tidemark LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology during the 4th quarter valued at $26,000. Finally, Riverview Trust Co purchased a new position in Micron Technology in the 1st quarter worth $39,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Price Performance

The firm has a market capitalization of $155.32 billion, a P/E ratio of -40.76 and a beta of 1.21. The firm’s 50 day simple moving average is $125.90 and its two-hundred day simple moving average is $104.34. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

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.