Micron Technology’s (MU) Outperform Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of Micron Technology (NASDAQ:MU) in a research note published on Thursday, MarketBeat.com reports. The firm currently has a $170.00 price target on the semiconductor manufacturer’s stock.

Other analysts have also recently issued research reports about the company. Cantor Fitzgerald upped their price target on Micron Technology from $150.00 to $180.00 and gave the stock an overweight rating in a research report on Monday, June 17th. Rosenblatt Securities restated a buy rating and issued a $225.00 price target on shares of Micron Technology in a research report on Tuesday. Morgan Stanley upped their price target on Micron Technology from $130.00 to $140.00 and gave the stock an equal weight rating in a research report on Monday. Fox Advisors upgraded Micron Technology from an equal weight rating to an overweight rating in a research report on Thursday, March 21st. Finally, TD Cowen upped their price target on Micron Technology from $150.00 to $160.00 and gave the stock a buy rating in a research report on Thursday. Two analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $158.52.

Micron Technology Stock Down 7.1 %

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

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 EPS 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 business’s quarterly revenue was up 81.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.57) earnings per share. As a group, sell-side analysts predict that Micron Technology will post 0.35 EPS for the current year.

Insider Activity at Micron Technology

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was 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 approximately $90,780,874.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $123.42, for a total value of $1,851,300.00. Following the completion of the sale, the senior vice president now directly owns 138,387 shares of the company’s stock, valued at approximately $17,079,723.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on 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. Over the last three months, insiders sold 304,840 shares of company stock valued at $37,961,924. Insiders own 0.32% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several institutional investors have recently modified their holdings of the stock. Atria Investments Inc raised its holdings in shares of Micron Technology by 0.3% in the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock worth $3,269,000 after buying an additional 93 shares during the period. Revolve Wealth Partners LLC raised its holdings in shares of Micron Technology by 1.5% in the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after buying an additional 98 shares during the period. Retirement Group LLC raised its holdings in shares of Micron Technology by 37.3% in the first quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after buying an additional 100 shares during the period. AIA Group Ltd raised its holdings in shares of Micron Technology by 2.1% in the first quarter. AIA Group Ltd now owns 4,821 shares of the semiconductor manufacturer’s stock worth $568,000 after buying an additional 101 shares during the period. Finally, Manchester Capital Management LLC raised its holdings in shares of Micron Technology by 5.2% in the first quarter. Manchester Capital Management LLC now owns 2,119 shares of the semiconductor manufacturer’s stock worth $250,000 after buying an additional 104 shares during the period. 80.84% of the stock is owned by institutional investors.

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.