Micron Technology (NASDAQ:MU) Coverage Initiated by Analysts at Itau BBA Securities

Key Points

• Analysts at Itau BBA Securities have initiated coverage of Micron Technology with an “outperform” rating and a price target of $249.00, indicating a potential upside of 30.39% from the current stock price.
• Multiple research firms have raised their price targets for Micron Technology in recent weeks, with the consensus target price now at $189.37, reflecting a strong overall outlook among analysts.
• Insider activity suggests some selling by executives, with CEO Sanjay Mehrotra selling 15,000 shares at an average price of $180.86, reducing his position by 4.61%.

Analysts at Itau BBA Securities assumed coverage on shares of Micron Technology (NASDAQ:MU - Get Free Report) in a research report issued on Tuesday,Benzinga reports. The brokerage set an "outperform" rating and a $249.00 price target on the semiconductor manufacturer's stock. Itau BBA Securities' price target suggests a potential upside of 30.39% from the stock's current price.

Several other research firms have also commented on MU. Wedbush upped their price target on shares of Micron Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. Piper Sandler upped their price target on shares of Micron Technology from $165.00 to $200.00 and gave the company an "overweight" rating in a research report on Wednesday, September 24th. Barclays upped their price target on shares of Micron Technology from $140.00 to $175.00 and gave the company an "overweight" rating in a research report on Friday, September 19th. Morgan Stanley raised shares of Micron Technology from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $160.00 to $220.00 in a research report on Monday. Finally, Mizuho upped their price target on shares of Micron Technology from $182.00 to $195.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Micron Technology has an average rating of "Buy" and a consensus target price of $189.37.

Micron Technology Price Performance

MU opened at $190.96 on Tuesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52. The stock has a market capitalization of $213.71 billion, a P/E ratio of 25.16, a P/E/G ratio of 0.41 and a beta of 1.56. The company's 50-day simple moving average is $136.49 and its two-hundred day simple moving average is $111.49. Micron Technology has a 52-week low of $61.54 and a 52-week high of $201.00.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 15,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $180.86, for a total transaction of $2,712,900.00. Following the completion of the sale, the chief executive officer directly owned 310,148 shares of the company's stock, valued at $56,093,367.28. This trade represents a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $164.04, for a total transaction of $2,460,600.00. Following the sale, the executive vice president directly owned 131,580 shares of the company's stock, valued at approximately $21,584,383.20. This trade represents a 10.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 109,456 shares of company stock valued at $15,698,445. Corporate insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

Institutional investors have recently added to or reduced their stakes in the stock. First Command Advisory Services Inc. grew its holdings in Micron Technology by 225.0% during the 2nd quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock valued at $27,000 after buying an additional 153 shares in the last quarter. Howard Hughes Medical Institute bought a new position in shares of Micron Technology during the 2nd quarter valued at approximately $30,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology during the 1st quarter valued at approximately $33,000. AlphaQuest LLC boosted its position in shares of Micron Technology by 13,250.0% during the 2nd quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock valued at $33,000 after acquiring an additional 265 shares during the last quarter. Finally, WealthCollab LLC boosted its position in shares of Micron Technology by 4,500.0% during the 2nd quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer's stock valued at $34,000 after acquiring an additional 270 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other 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.

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