Micron Technology (NASDAQ:MU) Stock Price Up 0.7% Following Better-Than-Expected Earnings

Micron Technology, Inc. (NASDAQ:MU) rose 0.7% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $144.07 and last traded at $142.15. Approximately 13,410,941 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 19,863,238 shares. The stock had previously closed at $141.12.

The semiconductor manufacturer reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same period in the prior year, the business posted ($1.57) earnings per share. The firm’s revenue for the quarter was up 81.5% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of research firms have commented on MU. Susquehanna boosted their target price on Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a research report on Monday, June 17th. Piper Sandler boosted their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday. Wedbush restated an “outperform” rating and set a $170.00 target price on shares of Micron Technology in a research report on Thursday. Mizuho boosted their price target on Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, StockNews.com raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Two analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $158.52.

Insiders Place Their Bets

In related news, EVP Manish H. Bhatia sold 53,317 shares of the company’s stock in a transaction on 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 sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Manish H. Bhatia sold 53,317 shares of Micron Technology stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the transaction, the executive vice president now directly owns 319,119 shares in the company, valued at $38,032,602.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total value of $854,630.00. Following the completion of the sale, the chief executive officer now directly owns 743,557 shares of the company’s stock, valued at $90,780,874.13. The disclosure for this sale can be found here. Insiders have sold 304,840 shares of company stock worth $37,961,924 in the last three months. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently added to or reduced their stakes in MU. Tidemark LLC acquired a new stake in shares of Micron Technology during the fourth quarter worth $25,000. DecisionPoint Financial LLC bought a new stake in shares of Micron Technology during the 1st quarter valued at about $25,000. Pingora Partners LLC acquired a new stake in Micron Technology during the fourth quarter worth about $26,000. Frank Rimerman Advisors LLC bought a new position in Micron Technology in the fourth quarter worth about $29,000. Finally, Valued Wealth Advisors LLC boosted its stake in Micron Technology by 230.7% in the first 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 during the period. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Price Performance

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 company has a fifty day moving average price of $127.16 and a 200 day moving average price of $105.52. The company has a market capitalization of $146.43 billion, a P/E ratio of -38.33 and a beta of 1.21.

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.