Micron Technology (NASDAQ:MU) Hits New 52-Week High After Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU) hit a new 52-week high on Tuesday after Stifel Nicolaus raised their price target on the stock from $140.00 to $165.00. Stifel Nicolaus currently has a buy rating on the stock. Micron Technology traded as high as $154.27 and last traded at $153.93, with a volume of 2233345 shares traded. The stock had previously closed at $147.83.

Other analysts have also recently issued reports about the company. Morgan Stanley raised Micron Technology from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $98.00 to $130.00 in a report on Monday, May 20th. Wells Fargo & Company boosted their target price on shares of Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. The Goldman Sachs Group raised their price target on shares of Micron Technology from $122.00 to $138.00 and gave the stock a “buy” rating in a research report on Tuesday, June 4th. Barclays boosted their price objective on shares of Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a report on Monday, May 13th. Finally, Robert W. Baird raised shares of Micron Technology from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $115.00 to $150.00 in a report on Monday, May 6th. Two analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus price target of $137.92.

Insiders Place Their Bets

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total value of $941,990.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $96,762,423.93. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $134.57, for a total value of $941,990.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $96,762,423.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sumit Sadana sold 13,239 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $118.77, for a total value of $1,572,396.03. Following the transaction, the executive vice president now directly owns 260,857 shares in the company, valued at $30,981,985.89. The disclosure for this sale can be found here. In the last three months, insiders have sold 365,446 shares of company stock worth $43,826,633. Corporate insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MU. DecisionPoint Financial LLC purchased a new position in Micron Technology during the first quarter worth about $25,000. Valued Wealth Advisors LLC increased its stake in Micron Technology by 230.7% in the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares during the last quarter. Tidemark LLC bought a new position in shares of Micron Technology during the 4th quarter worth approximately $25,000. Pingora Partners LLC purchased a new position in shares of Micron Technology in the 4th quarter worth approximately $26,000. Finally, Riverview Trust Co bought a new position in shares of Micron Technology in the first quarter valued at approximately $39,000. Institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Up 3.8 %

The stock has a 50-day moving average of $124.61 and a 200 day moving average of $102.82. The company has a market capitalization of $169.93 billion, a PE ratio of -44.48 and a beta of 1.21. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The firm’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same quarter last year, the company posted ($2.03) earnings per share. Sell-side analysts anticipate that Micron Technology, Inc. will post 0.29 EPS for the current year.

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.