Micron Technology (NASDAQ:MU – Get Free Report)’s stock had its “buy” rating restated by equities research analysts at Citigroup in a report issued on Thursday, Benzinga reports. They presently have a $85.00 target price on the semiconductor manufacturer’s stock. Citigroup’s price target indicates a potential upside of 29.38% from the company’s current price.
Several other research firms also recently weighed in on MU. Stifel Nicolaus raised their price objective on Micron Technology from $55.00 to $65.00 in a report on Monday, June 26th. Raymond James lifted their price target on Micron Technology from $70.00 to $76.00 in a research note on Thursday, June 29th. 22nd Century Group reaffirmed a “maintains” rating on shares of Micron Technology in a research note on Thursday, June 29th. Mizuho lifted their target price on shares of Micron Technology from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, September 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and upped their price target for the company from $65.00 to $85.00 in a research report on Monday, September 18th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $77.43.
Micron Technology Price Performance
Micron Technology stock traded down $2.51 during midday trading on Thursday, reaching $65.70. The company’s stock had a trading volume of 26,777,676 shares, compared to its average volume of 15,718,310. The company has a current ratio of 4.26, a quick ratio of 2.64 and a debt-to-equity ratio of 0.29. The stock has a market cap of $71.96 billion, a PE ratio of -24.51 and a beta of 1.36. Micron Technology has a 52 week low of $48.43 and a 52 week high of $74.77. The business has a 50-day moving average price of $67.92 and a 200-day moving average price of $64.93.
Micron Technology (NASDAQ:MU – Get Free Report) last posted its quarterly earnings results on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.15) by $0.08. The company had revenue of $4.01 billion for the quarter, compared to the consensus estimate of $3.95 billion. Micron Technology had a negative net margin of 16.02% and a negative return on equity of 5.40%. The firm’s quarterly revenue was down 39.6% compared to the same quarter last year. During the same period last year, the company posted $1.36 EPS. On average, sell-side analysts predict that Micron Technology will post -5.07 EPS for the current year.
Insider Activity at Micron Technology
In related news, CAO Scott R. Allen sold 13,687 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $60.80, for a total transaction of $832,169.60. Following the transaction, the chief accounting officer now directly owns 32,094 shares of the company’s stock, valued at approximately $1,951,315.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $71.15, for a total transaction of $498,050.00. Following the completion of the transaction, the chief executive officer now directly owns 582,862 shares in the company, valued at $41,470,631.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Scott R. Allen sold 13,687 shares of the company’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $60.80, for a total transaction of $832,169.60. Following the completion of the sale, the chief accounting officer now owns 32,094 shares in the company, valued at approximately $1,951,315.20. The disclosure for this sale can be found here. Insiders sold 233,810 shares of company stock valued at $16,070,700 in the last three months. Corporate insiders own 0.33% of the company’s stock.
Institutional Trading of Micron Technology
Institutional investors and hedge funds have recently modified their holdings of the stock. 25 LLC purchased a new position in shares of Micron Technology during the first quarter valued at approximately $25,000. Barrett & Company Inc. bought a new position in Micron Technology during the 1st quarter valued at $25,000. Fortis Capital Advisors LLC purchased a new position in Micron Technology during the 4th quarter worth $25,000. Cascade Investment Advisors Inc. bought a new stake in shares of Micron Technology in the 1st quarter worth $30,000. Finally, Trivant Custom Portfolio Group LLC purchased a new stake in shares of Micron Technology in the first quarter valued at about $30,000. 79.25% 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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.