Micron Technology (NASDAQ:MU) Given New $160.00 Price Target at KeyCorp

Micron Technology (NASDAQ:MU) had its price objective upped by KeyCorp from $150.00 to $160.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also commented on the stock. Needham & Company LLC upped their price objective on shares of Micron Technology from $100.00 to $120.00 and gave the stock a buy rating in a report on Thursday, March 21st. Mizuho upped their price target on Micron Technology from $150.00 to $155.00 and gave the stock a buy rating in a research note on Friday, May 31st. Cantor Fitzgerald lifted their price objective on Micron Technology from $150.00 to $180.00 and gave the company an overweight rating in a research note on Monday, June 17th. TD Cowen increased their target price on Micron Technology from $120.00 to $150.00 and gave the stock an outperform rating in a research note on Thursday, March 21st. Finally, Piper Sandler lifted their target price on Micron Technology from $95.00 to $130.00 and gave the company an overweight rating in a research report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $158.52.

Micron Technology Trading Down 7.1 %

MU opened at $132.23 on Thursday. The stock has a market capitalization of $146.43 billion, a PE ratio of -38.28 and a beta of 1.21. Micron Technology has a one year low of $60.50 and a one year high of $157.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The business’s 50 day moving average price is $127.16 and its 200 day moving average price is $105.52.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $6.81 billion during 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 revenue was up 81.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.57) EPS. As a group, equities research analysts expect that Micron Technology will post 0.35 EPS for the current year.

Insider Buying and Selling

In other Micron Technology news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the sale, the chief executive officer now owns 728,557 shares in the company, valued at approximately $94,712,410. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Micron Technology news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the transaction, the executive vice president now directly owns 319,119 shares in the company, valued at approximately $38,032,602.42. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the sale, the chief executive officer now owns 728,557 shares of the company’s stock, valued at $94,712,410. The disclosure for this sale can be found here. Insiders sold 304,840 shares of company stock worth $37,961,924 in the last ninety days. Insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Hedge funds have recently bought and sold shares of the company. TCW Group Inc. grew its holdings in Micron Technology by 5.7% in the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock valued at $45,383,000 after purchasing an additional 28,649 shares during the period. Gulf International Bank UK Ltd boosted its holdings in shares of Micron Technology by 6.3% in the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after purchasing an additional 5,958 shares during the last quarter. Savoie Capital LLC purchased a new stake in shares of Micron Technology during the 3rd quarter valued at $4,229,000. TrinityPoint Wealth LLC increased its holdings in shares of Micron Technology by 33.9% during the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after buying an additional 8,736 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC raised its position in shares of Micron Technology by 176.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 15,802 shares of the semiconductor manufacturer’s stock worth $1,349,000 after buying an additional 10,096 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.