Rosenblatt Securities Issues Positive Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price objective upped by research analysts at Rosenblatt Securities from $172.00 to $200.00 in a report released on Monday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Rosenblatt Securities’ price target points to a potential upside of 57.17% from the stock’s current price.

A number of other research analysts also recently commented on the company. Wells Fargo & Company upgraded Micron Technology from a “hold” rating to a “strong-buy” rating and upped their price objective for the stock from $130.00 to $150.00 in a research note on Friday, June 20th. Morgan Stanley lowered their price objective on Micron Technology from $112.00 to $98.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 7th. China Renaissance downgraded Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a research note on Wednesday, March 26th. Robert W. Baird upped their price objective on Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research note on Friday, March 21st. Finally, UBS Group upped their price objective on Micron Technology from $92.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, June 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $141.83.

Micron Technology Stock Performance

Shares of MU opened at $127.25 on Monday. The business’s 50 day moving average is $96.45 and its two-hundred day moving average is $93.89. Micron Technology has a 52-week low of $61.54 and a 52-week high of $144.07. The firm has a market cap of $142.21 billion, a price-to-earnings ratio of 30.52 and a beta of 1.28. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. During the same period in the prior year, the company posted $0.62 EPS. Analysts forecast that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $80.00, for a total value of $192,320.00. Following the completion of the sale, the director now directly owns 24,954 shares of the company’s stock, valued at approximately $1,996,320. This represents a 8.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjay Mehrotra sold 3,562 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $110.46, for a total value of $393,458.52. Following the completion of the sale, the chief executive officer now directly owns 391,113 shares of the company’s stock, valued at approximately $43,202,341.98. This represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,404 shares of company stock valued at $4,130,167 over the last three months. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds have recently bought and sold shares of MU. E Fund Management Co. Ltd. increased its position in Micron Technology by 31.8% in the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock worth $3,062,000 after purchasing an additional 8,780 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in Micron Technology by 43.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer’s stock worth $1,193,000 after purchasing an additional 4,264 shares during the last quarter. Landscape Capital Management L.L.C. increased its position in Micron Technology by 167.0% in the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer’s stock worth $3,851,000 after purchasing an additional 28,621 shares during the last quarter. Duquesne Family Office LLC acquired a new position in Micron Technology in the 4th quarter worth about $34,412,000. Finally, Janus Henderson Group PLC increased its position in Micron Technology by 74.6% in the 4th quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer’s stock worth $222,779,000 after purchasing an additional 1,130,680 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.