Micron Technology (NASDAQ:MU) PT Raised to $175.00 at Citigroup

Micron Technology (NASDAQ:MU) had its price objective raised by equities research analysts at Citigroup from $150.00 to $175.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s price objective would suggest a potential upside of 23.72% from the stock’s previous close.

MU has been the subject of several other research reports. Robert W. Baird raised their price target on shares of Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a report on Monday. JPMorgan Chase & Co. raised their price target on shares of Micron Technology from $105.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Bank of America raised their price objective on shares of Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Barclays raised their price objective on shares of Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, May 13th. Finally, Piper Sandler increased their target price on Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a report on Thursday, March 21st. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.20.

Micron Technology Trading Up 1.4 %

NASDAQ MU traded up $1.91 during trading hours on Monday, reaching $141.45. The company’s stock had a trading volume of 8,748,244 shares, compared to its average volume of 19,615,604. The firm has a fifty day simple moving average of $125.90 and a 200-day simple moving average of $104.34. The stock has a market cap of $156.64 billion, a P/E ratio of -40.73 and a beta of 1.21. Micron Technology has a 52 week low of $60.50 and a 52 week 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.

Insider Activity

In other Micron Technology news, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Manish H. Bhatia sold 53,317 shares of Micron Technology stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The disclosure for this sale can be found here. Insiders sold 309,730 shares of company stock valued at $38,545,301 in the last three months. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tidemark LLC bought a new position in Micron Technology in the 4th quarter worth about $25,000. DecisionPoint Financial LLC purchased a new stake in shares of Micron Technology during the first quarter valued at approximately $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Frank Rimerman Advisors LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $29,000. Finally, Valued Wealth Advisors LLC lifted its position in Micron Technology by 230.7% in the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 173 shares in the last quarter. Hedge funds and other institutional investors 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.