Micron Technology (MU) Price Target Raised to $50.00

Micron Technology (NASDAQ:MU) had its target price increased by Mizuho from $45.00 to $50.00 in a report published on Wednesday, MarketBeat Ratings reports. Mizuho currently has a buy rating on the semiconductor manufacturer’s stock.

Other research analysts have also issued reports about the stock. Deutsche Bank reaffirmed a buy rating and issued a $37.00 price target on shares of Micron Technology in a research note on Wednesday, September 6th. J P Morgan Chase & Co reaffirmed a buy rating on shares of Micron Technology in a research note on Tuesday, August 29th. Citigroup set a $45.00 price objective on shares of Micron Technology and gave the company a buy rating in a report on Tuesday, August 29th. Goldman Sachs Group upgraded shares of Micron Technology from a neutral rating to a buy rating and increased their price objective for the company from $33.00 to $40.00 in a report on Tuesday, September 12th. Finally, Vetr downgraded shares of Micron Technology from a strong-buy rating to a buy rating and set a $39.15 price objective for the company. in a report on Tuesday, September 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-nine have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $53.50.

Shares of Micron Technology (MU) traded down $0.30 during trading on Wednesday, reaching $44.12. 30,308,587 shares of the company were exchanged, compared to its average volume of 47,983,408. The stock has a market cap of $51,363.51, a price-to-earnings ratio of 6.95, a PEG ratio of 0.61 and a beta of 1.75. Micron Technology has a 1 year low of $21.49 and a 1 year high of $49.89. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.39 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.85 by $0.60. The firm had revenue of $6.80 billion for the quarter, compared to analyst estimates of $6.43 billion. Micron Technology had a net margin of 32.77% and a return on equity of 41.87%. Micron Technology’s quarterly revenue was up 71.4% compared to the same quarter last year. During the same period last year, the company posted $0.32 EPS. equities analysts anticipate that Micron Technology will post 7.26 EPS for the current fiscal year.

In related news, insider Joel L. Poppen sold 80,000 shares of the stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $38.61, for a total transaction of $3,088,800.00. Following the completion of the transaction, the insider now owns 266,966 shares of the company’s stock, valued at approximately $10,307,557.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Steven L. Thorsen, Jr. sold 118,944 shares of the stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $38.10, for a total transaction of $4,531,766.40. Following the transaction, the senior vice president now directly owns 289,940 shares of the company’s stock, valued at approximately $11,046,714. The disclosure for this sale can be found here. Insiders have sold a total of 268,588 shares of company stock valued at $10,480,038 in the last 90 days. Insiders own 0.53% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Vantage Financial Partners Ltd. Inc. purchased a new position in shares of Micron Technology during the 2nd quarter worth approximately $500,000. IHT Wealth Management LLC purchased a new position in shares of Micron Technology during the 2nd quarter worth approximately $1,056,000. SevenBridge Financial Group LLC boosted its position in Micron Technology by 87.5% in the 3rd quarter. SevenBridge Financial Group LLC now owns 2,550 shares of the semiconductor manufacturer’s stock valued at $100,000 after buying an additional 1,190 shares during the period. Salem Investment Counselors Inc. boosted its position in Micron Technology by 76.0% in the 3rd quarter. Salem Investment Counselors Inc. now owns 2,900 shares of the semiconductor manufacturer’s stock valued at $115,000 after buying an additional 1,252 shares during the period. Finally, Jacobi Capital Management LLC boosted its position in Micron Technology by 368.8% in the 3rd quarter. Jacobi Capital Management LLC now owns 3,305 shares of the semiconductor manufacturer’s stock valued at $135,000 after buying an additional 2,600 shares during the period. 80.82% of the stock is owned by hedge funds and other institutional investors.

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