JPMorgan Chase & Co. Increases Micron Technology (NASDAQ:MU) Price Target to $180.00

Micron Technology (NASDAQ:MU) had its price objective raised by JPMorgan Chase & Co. from $130.00 to $180.00 in a report issued on Thursday morning, Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Other equities research analysts have also issued reports about the company. Citigroup increased their target price on Micron Technology from $150.00 to $175.00 and gave the stock a buy rating in a research report on Monday. Raymond James increased their target price on Micron Technology from $130.00 to $160.00 and gave the stock an outperform rating in a research report on Friday, June 21st. Mizuho increased their target price on Micron Technology from $150.00 to $155.00 and gave the stock a buy rating in a research report on Friday, May 31st. Rosenblatt Securities reaffirmed a buy rating and issued a $225.00 target price on shares of Micron Technology in a research report on Tuesday. Finally, Wolfe Research increased their target price on Micron Technology from $150.00 to $200.00 and gave the stock an outperform rating in a research report on Friday, June 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $158.52.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $132.23 on Thursday. Micron Technology has a twelve month low of $60.50 and a twelve month high of $157.54. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $146.43 billion, a price-to-earnings ratio of -38.28 and a beta of 1.21. The business has a 50 day simple moving average of $127.16 and a 200-day simple moving average of $105.52.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The business’s quarterly revenue was up 81.5% on a year-over-year basis. During the same period in the previous year, the business earned ($1.57) EPS. As a group, equities research analysts expect that Micron Technology will post 0.35 earnings per share for the current year.

Insider Activity at Micron Technology

In related news, EVP Scott J. Deboer sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $130.00, for a total value of $5,850,000.00. Following the completion of the transaction, the chief executive officer now owns 728,557 shares in the company, valued at approximately $94,712,410. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott J. Deboer sold 40,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total value of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The disclosure for this sale can be found here. Insiders sold 304,840 shares of company stock valued at $37,961,924 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Keynote Financial Services LLC acquired a new position in shares of Micron Technology in the 1st quarter valued at $789,000. EverSource Wealth Advisors LLC boosted its position in shares of Micron Technology by 15.3% in the 1st 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 during the period. Westwood Holdings Group Inc. acquired a new stake in Micron Technology during the 1st quarter worth about $8,558,000. EULAV Asset Management boosted its position in Micron Technology by 12.1% during the 1st quarter. EULAV Asset Management now owns 37,000 shares of the semiconductor manufacturer’s stock worth $4,362,000 after acquiring an additional 4,000 shares during the period. Finally, Soltis Investment Advisors LLC acquired a new stake in Micron Technology during the 1st quarter worth about $245,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.