Citigroup Forecasts Strong Price Appreciation for Micron Technology (NASDAQ:MU) Stock

Micron Technology (NASDAQ:MU - Get Free Report) had its price target boosted by research analysts at Citigroup from $130.00 to $150.00 in a research note issued on Thursday. The brokerage currently has a "buy" rating on the semiconductor manufacturer's stock. Citigroup's target price would indicate a potential upside of 17.88% from the company's current price.

Several other research firms have also weighed in on MU. KeyCorp increased their target price on Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday. Needham & Company LLC increased their price target on shares of Micron Technology from $120.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday. Robert W. Baird boosted their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a report on Friday, March 21st. Wall Street Zen raised shares of Micron Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Finally, Morgan Stanley reduced their price target on shares of Micron Technology from $112.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $141.83.

Micron Technology Trading Down 0.5%

Shares of NASDAQ MU opened at $127.25 on Thursday. Micron Technology has a fifty-two week low of $61.54 and a fifty-two week high of $144.07. The firm has a market capitalization of $142.21 billion, a P/E ratio of 30.52 and a beta of 1.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99. The company's 50 day simple moving average is $96.45 and its 200 day simple moving average is $93.89.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the prior year, the business posted $0.62 EPS. On average, analysts predict that Micron Technology will post 6.08 EPS for the current year.

Insider Buying and Selling

In related news, EVP Scott J. Deboer sold 20,000 shares of the firm's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $110.00, for a total value of $2,200,000.00. Following the completion of the transaction, the executive vice president now owns 186,353 shares of the company's stock, valued at approximately $20,498,830. This trade represents a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sanjay Mehrotra sold 3,562 shares of Micron Technology stock in a transaction on Friday, June 6th. The shares were sold at an average price of $110.46, for a total transaction of $393,458.52. Following the completion of the sale, the chief executive officer now owns 391,113 shares in the company, valued at $43,202,341.98. The trade was a 0.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,404 shares of company stock worth $4,130,167. 0.30% of the stock is owned by corporate insiders.

Institutional Trading of Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of MU. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new stake in Micron Technology in the 1st quarter valued at $33,000. Curio Wealth LLC acquired a new position in Micron Technology in the 4th quarter valued at $34,000. AllSquare Wealth Management LLC increased its position in Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after buying an additional 200 shares during the period. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of Micron Technology during the first quarter worth $36,000. Institutional investors own 80.84% of the company's stock.

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.

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