UBS Group Raises Micron Technology (NASDAQ:MU) Price Target to $130.00

Micron Technology (NASDAQ:MU) had its target price hoisted by stock analysts at UBS Group from $125.00 to $130.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. UBS Group’s price objective would indicate a potential upside of 27.80% from the stock’s previous close.

Several other research analysts have also recently commented on MU. Stifel Nicolaus reduced their target price on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Piper Sandler dropped their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. KGI Securities raised shares of Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. TD Cowen dropped their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Finally, Mizuho dropped their price target on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $134.16.

Micron Technology Stock Down 1.3 %

Micron Technology stock opened at $101.72 on Monday. Micron Technology has a twelve month low of $83.54 and a twelve month high of $157.54. The company has a 50 day moving average of $96.79 and a 200-day moving average of $98.16. The stock has a market capitalization of $113.33 billion, a PE ratio of 29.31 and a beta of 1.23. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter in the prior year, the company posted ($0.95) earnings per share. The firm’s revenue was up 84.3% on a year-over-year basis. On average, equities research analysts anticipate that Micron Technology will post 6.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the sale, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently added to or reduced their stakes in MU. Swedbank AB boosted its position in Micron Technology by 30.4% during the 3rd quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock worth $358,403,000 after buying an additional 806,639 shares during the period. Mount Lucas Management LP boosted its position in Micron Technology by 609.9% during the 3rd quarter. Mount Lucas Management LP now owns 7,000 shares of the semiconductor manufacturer’s stock worth $726,000 after buying an additional 6,014 shares during the period. Claro Advisors LLC boosted its position in Micron Technology by 21.7% during the 3rd quarter. Claro Advisors LLC now owns 3,436 shares of the semiconductor manufacturer’s stock worth $356,000 after buying an additional 612 shares during the period. TrinityPoint Wealth LLC boosted its position in Micron Technology by 3.5% during the 3rd quarter. TrinityPoint Wealth LLC now owns 57,986 shares of the semiconductor manufacturer’s stock worth $6,014,000 after buying an additional 1,959 shares during the period. Finally, Quest Partners LLC boosted its position in Micron Technology by 1,485.2% during the 3rd quarter. Quest Partners LLC now owns 8,243 shares of the semiconductor manufacturer’s stock worth $855,000 after buying an additional 7,723 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.