Micron Technology (NASDAQ:MU) Updates Q4 Earnings Guidance

Micron Technology (NASDAQ:MU) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.00-1.16 for the period, compared to the consensus estimate of $1.02. The company issued revenue guidance of $7.40-7.80 billion, compared to the consensus revenue estimate of $7.59 billion. Micron Technology also updated its Q4 2024 guidance to 1.000-1.160 EPS.

Wall Street Analyst Weigh In

Several equities analysts have commented on MU shares. Citigroup upped their price target on Micron Technology from $150.00 to $175.00 and gave the company a buy rating in a report on Monday. StockNews.com upgraded shares of Micron Technology from a sell rating to a hold rating in a research report on Friday, March 22nd. Susquehanna increased their price target on shares of Micron Technology from $143.00 to $185.00 and gave the stock a positive rating in a research report on Monday, June 17th. Fox Advisors raised Micron Technology from an equal weight rating to an overweight rating in a report on Thursday, March 21st. Finally, Stifel Nicolaus increased their target price on Micron Technology from $140.00 to $165.00 and gave the stock a buy rating in a report on Tuesday, June 18th. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology presently has an average rating of Moderate Buy and an average target price of $158.52.

Micron Technology Price Performance

Shares of MU stock opened at $132.23 on Friday. Micron Technology has a 52-week low of $60.50 and a 52-week high of $157.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The stock has a market cap of $146.43 billion, a PE ratio of -93.12 and a beta of 1.21. The firm’s 50 day moving average price is $127.16 and its two-hundred day moving average price is $105.52.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Micron Technology had a negative return on equity of 4.03% and a negative net margin of 7.20%. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the prior year, the company posted ($1.57) earnings per share. The firm’s revenue was up 81.5% on a year-over-year basis. As a group, analysts forecast that Micron Technology will post 0.35 EPS for the current year.

Insider Activity at Micron Technology

In other news, EVP Manish H. Bhatia sold 53,317 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the completion of the transaction, the executive vice president now owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the sale, the executive vice president now owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $130.00, for a total value of $5,850,000.00. Following the transaction, the chief executive officer now owns 728,557 shares in the company, valued at approximately $94,712,410. The disclosure for this sale can be found here. Insiders have sold 304,840 shares of company stock worth $37,961,924 in the last ninety days. Company insiders own 0.32% of the company’s stock.

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.