Micron Technology (NASDAQ:MU) Price Target Raised to $160.00 at KeyCorp

Micron Technology (NASDAQ:MU) had its price target lifted by KeyCorp from $150.00 to $160.00 in a research report released on Thursday morning, Benzinga reports. KeyCorp currently has an overweight rating on the semiconductor manufacturer’s stock.

Several other research firms also recently commented on MU. Wells Fargo & Company raised their target price on Micron Technology from $135.00 to $190.00 and gave the stock an overweight rating in a research report on Thursday, June 20th. Morgan Stanley boosted their target price on shares of Micron Technology from $130.00 to $140.00 and gave the company an equal weight rating in a research note on Monday. JPMorgan Chase & Co. increased their target price on shares of Micron Technology from $105.00 to $130.00 and gave the stock an overweight rating in a research report on Thursday, March 21st. UBS Group boosted their price target on shares of Micron Technology from $125.00 to $155.00 and gave the company a buy rating in a research report on Monday, June 10th. Finally, Raymond James raised their price objective on shares of Micron Technology from $130.00 to $160.00 and gave the stock an outperform rating in a report on Friday, June 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $158.52.

Micron Technology Stock Performance

Shares of NASDAQ MU opened at $132.23 on Thursday. The firm has a market capitalization of $146.43 billion, a price-to-earnings ratio of -38.28 and a beta of 1.21. Micron Technology has a one year low of $60.50 and a one year high of $157.54. The business has a fifty day simple moving average of $127.16 and a 200 day simple moving average of $105.52. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the prior year, the company posted ($1.57) EPS. The business’s revenue was up 81.5% on a year-over-year basis. Sell-side analysts expect that Micron Technology will post 0.35 EPS for the current year.

Insider Buying and Selling

In other news, SVP Michael W. Bokan sold 15,000 shares of the business’s stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total value of $1,733,250.00. Following the completion of the transaction, the senior vice president now owns 153,387 shares of the company’s stock, valued at approximately $17,723,867.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Micron Technology 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 sale, the chief executive officer now directly owns 728,557 shares in the company, valued at approximately $94,712,410. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Michael W. Bokan sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total transaction of $1,733,250.00. Following the completion of the transaction, the senior vice president now owns 153,387 shares of the company’s stock, valued at approximately $17,723,867.85. The disclosure for this sale can be found here. Insiders have sold 304,840 shares of company stock valued at $37,961,924 in the last 90 days. 0.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tidemark LLC bought a new position in Micron Technology during the 4th quarter worth about $25,000. DecisionPoint Financial LLC acquired a new position in shares of Micron Technology during the first quarter worth about $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology during the fourth quarter worth about $26,000. Frank Rimerman Advisors LLC acquired a new stake in Micron Technology in the 4th quarter valued at approximately $29,000. Finally, Valued Wealth Advisors LLC lifted 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 acquiring an additional 173 shares in the last quarter. 80.84% of the stock is currently 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.