Citigroup Increases Micron Technology (NASDAQ:MU) Price Target to $150.00

Micron Technology (NASDAQ:MU) had its price target raised by Citigroup from $130.00 to $150.00 in a research note issued on Thursday. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s price objective indicates a potential upside of 17.88% from the stock’s previous close.

MU has been the topic of several other reports. Royal Bank Of Canada set a $125.00 target price on shares of Micron Technology in a report on Wednesday, March 19th. Morgan Stanley reduced their price target on shares of Micron Technology from $112.00 to $98.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 7th. Cantor Fitzgerald restated an “overweight” rating and set a $130.00 price objective on shares of Micron Technology in a research report on Friday, March 21st. TD Cowen upped their target price on Micron Technology from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Wells Fargo & Company upgraded Micron Technology from a “hold” rating to a “strong-buy” rating and lifted their price target for the company from $130.00 to $150.00 in a research note on Friday, June 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $141.83.

Micron Technology Trading Down 0.5%

Shares of NASDAQ:MU opened at $127.25 on Thursday. The business’s 50 day simple moving average is $96.45 and its 200 day simple moving average is $93.89. Micron Technology has a 1 year low of $61.54 and a 1 year high of $144.07. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99. The company has a market capitalization of $142.21 billion, a P/E ratio of 30.52 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. The company had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. During the same period in the prior year, the firm posted $0.62 EPS. On average, research analysts anticipate 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 firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the transaction, the director now directly owns 24,954 shares of the company’s stock, valued at $1,996,320. This trade represents a 8.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $110.00, for a total value of $2,200,000.00. Following the completion of the sale, the executive vice president now owns 186,353 shares in the company, valued at $20,498,830. This trade represents a 9.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,404 shares of company stock valued at $4,130,167 over the last quarter. 0.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Micron Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sunbeam Capital Management LLC acquired a new stake in Micron Technology during the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of Micron Technology during the first quarter worth $33,000. Curio Wealth LLC bought a new position in Micron Technology during the fourth quarter worth $34,000. AllSquare Wealth Management LLC lifted its holdings in Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock valued at $35,000 after buying an additional 200 shares during the period. Finally, MJT & Associates Financial Advisory Group Inc. bought a new stake in Micron Technology during the first quarter valued at $36,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Company Profile

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.