Cantor Fitzgerald Comments on Micron Technology, Inc.’s FY2024 Earnings (NASDAQ:MU)

Micron Technology, Inc. (NASDAQ:MU) – Stock analysts at Cantor Fitzgerald lifted their FY2024 earnings per share estimates for shares of Micron Technology in a research note issued on Thursday, June 27th. Cantor Fitzgerald analyst C. Muse now forecasts that the semiconductor manufacturer will earn $0.58 per share for the year, up from their prior estimate of $0.53. Cantor Fitzgerald has a “Overweight” rating and a $180.00 price target on the stock. The consensus estimate for Micron Technology’s current full-year earnings is $0.35 per share.

Other research analysts have also recently issued research reports about the company. KeyCorp increased their price objective on Micron Technology from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday. Wells Fargo & Company increased their price objective on Micron Technology from $135.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, June 20th. Mizuho increased their target price on Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Citigroup increased their target price on Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Monday. Finally, Piper Sandler increased their target price on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday. 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $158.52.

Micron Technology Stock Down 7.1 %

MU stock opened at $132.23 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The stock has a market capitalization of $146.43 billion, a price-to-earnings ratio of -38.28 and a beta of 1.21. The business’s fifty day moving average price is $127.16 and its two-hundred day moving average price is $105.52. Micron Technology has a fifty-two week low of $60.50 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The company’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same quarter last year, the business earned ($1.57) EPS.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently made changes to their positions in the stock. Tidemark LLC bought a new position in shares of Micron Technology during the fourth quarter worth about $25,000. DecisionPoint Financial LLC bought a new position in shares of Micron Technology during the first quarter worth about $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology during the fourth quarter worth about $26,000. Frank Rimerman Advisors LLC bought a new stake in Micron Technology in the fourth quarter worth approximately $29,000. Finally, Valued Wealth Advisors LLC increased its holdings in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Scott J. Deboer sold 40,000 shares of the firm’s stock in a transaction dated 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 directly owns 158,617 shares in the company, valued at $17,497,041.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value of $5,220,767.52. Following the transaction, 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. Over the last three months, insiders sold 304,840 shares of company stock worth $37,961,924. 0.32% of the stock is currently owned by insiders.

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.