Micron Technology (NASDAQ:MU) Price Target Raised to $59.00

Micron Technology (NASDAQ:MU) had its price objective upped by Goldman Sachs Group from $56.00 to $59.00 in a research note published on Wednesday, September 18th, Briefing.com Automated Import reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Several other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. reissued an overweight rating on shares of Micron Technology in a research report on Friday, June 21st. Wells Fargo & Co boosted their target price on Micron Technology from $50.00 to $60.00 and gave the company an outperform rating in a research report on Wednesday, September 11th. Piper Jaffray Companies cut their target price on Micron Technology from $40.00 to $36.00 and set a neutral rating on the stock in a research report on Wednesday, June 26th. Cfra downgraded Micron Technology to a sell rating and set a $32.00 price objective on the stock. in a research report on Wednesday, May 22nd. Finally, Longbow Research raised Micron Technology from a neutral rating to a buy rating and set a $66.00 price objective on the stock in a research report on Wednesday, September 11th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and twenty-two have assigned a buy rating to the company’s stock. Micron Technology currently has an average rating of Buy and an average price target of $53.36.

NASDAQ:MU traded up $1.82 during trading hours on Wednesday, reaching $45.10. The stock had a trading volume of 26,306,161 shares, compared to its average volume of 24,307,586. The stock has a market capitalization of $47.33 billion, a PE ratio of 7.33 and a beta of 1.97. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.78 and a current ratio of 2.58. The company has a 50 day moving average price of $46.30 and a two-hundred day moving average price of $41.65. Micron Technology has a 52 week low of $28.39 and a 52 week high of $51.39.

Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, September 26th. The semiconductor manufacturer reported $0.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.13. The firm had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $4.56 billion. Micron Technology had a return on equity of 19.81% and a net margin of 26.97%. The company’s revenue for the quarter was down 42.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.53 EPS. Equities research analysts predict that Micron Technology will post 2.31 EPS for the current year.

In other Micron Technology news, SVP April S. Arnzen sold 4,800 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $45.00, for a total value of $216,000.00. Following the completion of the sale, the senior vice president now directly owns 79,392 shares in the company, valued at approximately $3,572,640. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joel L. Poppen sold 654 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $45.64, for a total value of $29,848.56. The disclosure for this sale can be found here. Insiders sold a total of 82,212 shares of company stock valued at $3,857,055 over the last quarter. Company insiders own 0.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its stake in shares of Micron Technology by 1.0% during the 2nd quarter. BlackRock Inc. now owns 73,370,753 shares of the semiconductor manufacturer’s stock worth $2,831,377,000 after purchasing an additional 717,819 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Micron Technology by 56.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 29,459,631 shares of the semiconductor manufacturer’s stock valued at $1,136,847,000 after buying an additional 10,672,909 shares during the last quarter. Northern Trust Corp raised its stake in Micron Technology by 8.0% in the second quarter. Northern Trust Corp now owns 13,355,786 shares of the semiconductor manufacturer’s stock valued at $515,401,000 after buying an additional 986,786 shares during the last quarter. Renaissance Technologies LLC raised its stake in Micron Technology by 154.2% in the second quarter. Renaissance Technologies LLC now owns 9,735,914 shares of the semiconductor manufacturer’s stock valued at $375,709,000 after buying an additional 5,905,239 shares during the last quarter. Finally, Viking Global Investors LP raised its stake in Micron Technology by 180.9% in the second quarter. Viking Global Investors LP now owns 6,431,167 shares of the semiconductor manufacturer’s stock valued at $248,179,000 after buying an additional 4,141,275 shares during the last quarter. Hedge funds and other institutional investors own 76.66% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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