Micron Technology (NASDAQ:MU) Given New $190.00 Price Target at Wells Fargo & Company

Micron Technology (NASDAQ:MU) had its price objective hoisted by Wells Fargo & Company from $135.00 to $190.00 in a research report report published on Thursday morning, Benzinga reports. They currently have an overweight rating on the semiconductor manufacturer’s stock.

Other research analysts have also recently issued research reports about the company. Piper Sandler boosted their price target on Micron Technology from $95.00 to $130.00 and gave the stock an overweight rating in a research note on Thursday, March 21st. Susquehanna raised their price target on shares of Micron Technology from $143.00 to $185.00 and gave the company a positive rating in a report on Monday. KeyCorp boosted their price objective on shares of Micron Technology from $135.00 to $150.00 and gave the company an overweight rating in a report on Monday, April 8th. Wedbush raised their target price on shares of Micron Technology from $130.00 to $170.00 and gave the stock an outperform rating in a report on Tuesday. Finally, Bank of America boosted their target price on shares of Micron Technology from $144.00 to $170.00 and gave the company a buy rating in a research note on Monday. Two analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $140.12.

Micron Technology Price Performance

MU opened at $144.19 on Thursday. The firm has a market cap of $159.67 billion, a PE ratio of -41.79 and a beta of 1.21. The stock has a 50-day moving average price of $125.56 and a 200-day moving average price of $103.45. Micron Technology has a 1 year low of $60.50 and a 1 year high of $157.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. The firm had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($2.03) earnings per share. Sell-side analysts predict that Micron Technology will post 0.3 earnings per share for the current fiscal year.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the transaction, the executive vice president now owns 158,617 shares in the company, valued at $17,497,041.27. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares in the company, valued at $17,497,041.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $134.57, for a total value of $941,990.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at $96,762,423.93. The disclosure for this sale can be found here. In the last 90 days, insiders sold 320,446 shares of company stock worth $38,724,533. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after acquiring an additional 1,681,815 shares in the last quarter. Capital World Investors increased its holdings in Micron Technology by 6.6% during the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock valued at $2,681,807,000 after buying an additional 1,400,154 shares during the period. Sanders Capital LLC lifted its holdings in Micron Technology by 2.3% during the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after buying an additional 503,923 shares during the period. Capital International Investors boosted its position in Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after acquiring an additional 2,397,885 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after acquiring an additional 3,315,988 shares in 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.