Micron Technology (NASDAQ:MU) PT Raised to $125.00 at Bank of America

Micron Technology (NASDAQ:MU) had its price target increased by equities researchers at Bank of America from $110.00 to $125.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Bank of America‘s price objective suggests a potential upside of 15.38% from the company’s previous close.

MU has been the topic of several other reports. Wedbush reiterated an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research report on Thursday. Citigroup reduced their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Susquehanna reduced their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research note on Thursday. Finally, Piper Sandler boosted their price objective on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $143.69.

Micron Technology Stock Performance

MU stock traded up $12.57 during midday trading on Thursday, reaching $108.34. The company had a trading volume of 67,736,125 shares, compared to its average volume of 21,860,715. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $97.92 and a 200 day moving average price of $114.64. The firm has a market capitalization of $120.13 billion, a PE ratio of -76.30, a P/E/G ratio of 0.20 and a beta of 1.17. Micron Technology has a fifty-two week low of $63.83 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm’s revenue was up 93.3% on a year-over-year basis. During the same period in the prior year, the business earned ($1.21) EPS. Analysts anticipate that Micron Technology will post 0.61 earnings per share for the current year.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently bought and sold shares of the business. Clearbridge Investments LLC raised its holdings in shares of Micron Technology by 1.1% during the first quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after acquiring an additional 20,741 shares in the last quarter. Chapin Davis Inc. acquired a new stake in Micron Technology in the second quarter valued at approximately $4,056,000. Norden Group LLC grew its position in Micron Technology by 1,916.7% in the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after acquiring an additional 47,648 shares in the last quarter. Gulf International Bank UK Ltd increased its stake in shares of Micron Technology by 6.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after purchasing an additional 5,958 shares during the last quarter. Finally, Westwood Holdings Group Inc. bought a new position in shares of Micron Technology during the 1st quarter valued at $8,558,000. 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.