TD Cowen Raises Micron Technology (NASDAQ:MU) Price Target to $160.00

Micron Technology (NASDAQ:MU) had its price target boosted by research analysts at TD Cowen from $150.00 to $160.00 in a report released on Thursday, Briefing.com reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. TD Cowen’s price target points to a potential upside of 12.39% from the company’s previous close.

A number of other research analysts also recently commented on the stock. Piper Sandler boosted their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday. Fox Advisors raised shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Mizuho lifted their price objective on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Morgan Stanley raised their price target on Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Raymond James boosted their price target on Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $155.80.

Micron Technology Stock Performance

Micron Technology stock opened at $142.36 on Thursday. 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 market cap of $157.65 billion, a P/E ratio of -41.26 and a beta of 1.21. Micron Technology has a fifty-two week low of $60.50 and a fifty-two week high of $157.54. The firm’s 50 day simple moving average is $126.64 and its 200-day simple moving average is $105.26.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same period in the previous year, the firm earned ($1.57) earnings per share. Micron Technology’s quarterly revenue was up 81.5% on a year-over-year basis. As a group, equities research analysts predict that Micron Technology will post 0.35 EPS for the current year.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the completion of the sale, the chief executive officer now owns 728,557 shares of the company’s stock, valued at $94,712,410. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction that occurred on Thursday, April 4th. The shares were sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the sale, the chief executive officer now directly owns 728,557 shares of the company’s stock, valued at $94,712,410. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael W. Bokan sold 15,000 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $123.42, for a total transaction of $1,851,300.00. Following the sale, the senior vice president now directly owns 138,387 shares in the company, valued at $17,079,723.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 304,840 shares of company stock valued at $37,961,924. Insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. TCW Group Inc. raised its holdings in shares of Micron Technology by 5.7% during the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after acquiring an additional 28,649 shares during the period. Gulf International Bank UK Ltd raised its holdings in shares of Micron Technology by 6.3% during the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after acquiring an additional 5,958 shares during the period. Savoie Capital LLC acquired a new stake in Micron Technology in the 3rd quarter valued at $4,229,000. TrinityPoint Wealth LLC increased its stake in Micron Technology by 33.9% in the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock valued at $2,948,000 after buying an additional 8,736 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC increased its stake in Micron Technology by 176.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 15,802 shares of the semiconductor manufacturer’s stock valued at $1,349,000 after buying an additional 10,096 shares during the last quarter. 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.