Barclays Forecasts Strong Price Appreciation for Micron Technology (NASDAQ:MU) Stock

Micron Technology (NASDAQ:MU) had its price target raised by Barclays from $110.00 to $115.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. Barclays‘s price objective suggests a potential upside of 21.41% from the stock’s current price.

Several other equities research analysts also recently issued reports on MU. TD Cowen reduced their price objective on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $130.00 target price on shares of Micron Technology in a research report on Friday. Morgan Stanley upped their target price on Micron Technology from $91.00 to $112.00 and gave the stock an “equal weight” rating in a research report on Friday. Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. dropped their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Micron Technology has an average rating of “Moderate Buy” and an average target price of $132.63.

Micron Technology Stock Down 8.0 %

Shares of Micron Technology stock opened at $94.72 on Friday. The stock has a 50-day moving average price of $96.82 and a 200 day moving average price of $98.28. The company has a market cap of $105.53 billion, a P/E ratio of 27.30 and a beta of 1.23. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. Micron Technology has a 1 year low of $83.54 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.42 EPS. As a group, analysts expect that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Activity at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Micron Technology during the fourth quarter worth $1,470,875,000. Capital World Investors grew its stake in shares of Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. FMR LLC grew its stake in shares of Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares during the period. Capital Research Global Investors grew its stake in shares of Micron Technology by 139.7% during the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares during the period. Finally, Capital International Investors grew its stake in shares of Micron Technology by 36.3% during the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

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.