Micron Technology (NASDAQ:MU) Given New $135.00 Price Target at Morgan Stanley

Micron Technology (NASDAQ:MU - Get Free Report) had its target price increased by equities researchers at Morgan Stanley from $98.00 to $135.00 in a research report issued on Thursday. The brokerage presently has an "equal weight" rating on the semiconductor manufacturer's stock. Morgan Stanley's price objective indicates a potential upside of 6.09% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on MU. Robert W. Baird lifted their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research note on Friday, March 21st. KeyCorp boosted their price target on shares of Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a research report on Thursday. Susquehanna upped their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a research note on Thursday. Piper Sandler increased their price objective on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday. Finally, UBS Group boosted their target price on Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a report on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Micron Technology has a consensus rating of "Moderate Buy" and an average target price of $141.83.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $127.25 on Thursday. The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28. The firm's 50 day moving average is $96.45 and its two-hundred day moving average is $93.89. The firm has a market capitalization of $142.21 billion, a P/E ratio of 30.52 and a beta of 1.28. Micron Technology has a 52 week low of $61.54 and a 52 week high of $144.07.

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

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the transaction, the director now directly owns 24,954 shares of the company's stock, valued at $1,996,320. This trade represents a 8.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 3,562 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at approximately $43,202,341.98. This trade represents a 0.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,404 shares of company stock valued at $4,130,167 over the last three months. Insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Sunbeam Capital Management LLC acquired a new stake in Micron Technology during the 4th quarter worth about $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology in the first quarter worth approximately $33,000. Roxbury Financial LLC boosted its holdings in shares of Micron Technology by 306.1% during the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after purchasing an additional 300 shares during the period. Curio Wealth LLC acquired a new stake in shares of Micron Technology during the fourth quarter worth approximately $34,000. Finally, AllSquare Wealth Management LLC increased its stake in Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 80.84% 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.

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