Micron Technology (NASDAQ:MU) Given New $150.00 Price Target at Needham & Company LLC

Micron Technology (NASDAQ:MU) had its target price increased by Needham & Company LLC from $120.00 to $150.00 in a report published on Thursday morning, MarketBeat.com reports. Needham & Company LLC currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other equities analysts have also commented on the stock. Wolfe Research boosted their price target on shares of Micron Technology from $150.00 to $200.00 and gave the company an outperform rating in a research report on Friday, June 21st. Piper Sandler increased their price target on Micron Technology from $130.00 to $150.00 and gave the stock an overweight rating in a research report on Thursday. Rosenblatt Securities reiterated a buy rating and issued a $225.00 price objective on shares of Micron Technology in a research report on Tuesday. Fox Advisors upgraded Micron Technology from an equal weight rating to an overweight rating in a report on Thursday, March 21st. Finally, Cantor Fitzgerald lifted their price target on Micron Technology from $150.00 to $180.00 and gave the company an overweight rating in a report on Monday, June 17th. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, Micron Technology has an average rating of Moderate Buy and an average target price of $158.52.

Micron Technology Trading Down 7.1 %

Shares of MU opened at $132.23 on Thursday. 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 stock has a market cap of $146.43 billion, a PE ratio of -38.28 and a beta of 1.21. Micron Technology has a 1 year low of $60.50 and a 1 year high of $157.54. The stock 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 released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The firm had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period in the prior year, the company posted ($1.57) earnings per share. The business’s revenue for the quarter was up 81.5% compared to the same quarter last year. On average, sell-side analysts predict that Micron Technology will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total transaction of $854,630.00. Following the transaction, the chief executive officer now directly owns 743,557 shares in the company, valued at $90,780,874.13. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the sale, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott J. Deboer sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were 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 approximately $17,497,041.27. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 304,840 shares of company stock valued at $37,961,924. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Micron Technology by 1.8% during the first quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after buying an additional 1,681,815 shares in the last quarter. Capital World Investors grew its stake in shares of Micron Technology by 6.6% during the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after acquiring an additional 1,400,154 shares in the last quarter. Sanders Capital LLC raised its holdings in shares of Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after purchasing an additional 503,923 shares during the last quarter. Capital International Investors lifted its position in shares of Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Micron Technology by 22.2% in the first 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 purchasing an additional 3,315,988 shares in the last quarter. 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.