Robert W. Baird Upgrades Micron Technology (NASDAQ:MU) to Outperform

Micron Technology (NASDAQ:MU) was upgraded by stock analysts at Robert W. Baird from a “neutral” rating to an “outperform” rating in a report released on Monday, MarketBeat reports. The firm presently has a $150.00 price objective on the semiconductor manufacturer’s stock, up from their previous price objective of $115.00. Robert W. Baird’s price objective would indicate a potential upside of 25.83% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Fox Advisors upgraded shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. KeyCorp upped their price target on Micron Technology from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. StockNews.com raised Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Piper Sandler upped their price target on Micron Technology from $95.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, March 21st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $140.00 price target on shares of Micron Technology in a research note on Monday, March 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $123.60.

Micron Technology Stock Down 0.8 %

Shares of NASDAQ MU opened at $119.21 on Monday. The firm’s 50-day simple moving average is $110.11 and its 200 day simple moving average is $90.70. The company has a market cap of $131.61 billion, a price-to-earnings ratio of -34.55 and a beta of 1.27. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. Micron Technology has a 12-month low of $59.55 and a 12-month high of $130.54.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The firm’s quarterly revenue was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($2.03) EPS. On average, research analysts expect that Micron Technology will post 0.24 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $100.00, for a total value of $4,500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 773,557 shares of the company’s stock, valued at $77,355,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the completion of the transaction, the executive vice president now directly owns 148,817 shares of the company’s stock, valued at $17,753,868.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $100.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 773,557 shares of the company’s stock, valued at $77,355,700. The disclosure for this sale can be found here. In the last 90 days, insiders sold 316,890 shares of company stock valued at $35,485,387. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MU. Tidemark LLC bought a new stake in shares of Micron Technology in the fourth quarter valued at about $25,000. DecisionPoint Financial LLC bought a new stake in shares of Micron Technology in the first quarter valued at about $25,000. Pingora Partners LLC bought a new stake in shares of Micron Technology in the fourth quarter valued at about $26,000. OFI Invest Asset Management bought a new stake in shares of Micron Technology in the third quarter valued at about $27,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of Micron Technology in the third quarter valued at about $28,000. 80.84% of the stock is owned by 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.