Micron Technology (NASDAQ:MU) Given New $150.00 Price Target at Wedbush

Micron Technology (NASDAQ:MU - Get Free Report) had its target price raised by investment analysts at Wedbush from $130.00 to $150.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the semiconductor manufacturer's stock. Wedbush's price target points to a potential upside of 23.13% from the stock's current price.

A number of other research firms have also recently commented on MU. Royal Bank Of Canada set a $125.00 price objective on Micron Technology in a report on Wednesday, March 19th. Robert W. Baird increased their price target on Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a report on Friday, March 21st. UBS Group boosted their price objective on shares of Micron Technology from $92.00 to $120.00 and gave the company a "buy" rating in a report on Thursday, June 5th. Barclays decreased their target price on shares of Micron Technology from $115.00 to $95.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $130.00 price objective on shares of Micron Technology in a research report on Friday, March 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $130.00.

Micron Technology Trading Up 1.2%

Shares of MU opened at $121.82 on Friday. Micron Technology has a 52-week low of $61.54 and a 52-week high of $157.41. The stock has a market cap of $136.14 billion, a PE ratio of 29.21 and a beta of 1.28. The firm's fifty day moving average is $92.05 and its two-hundred day moving average is $93.23. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. The business had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same period in the prior year, the business earned $0.42 earnings per share. The business's revenue was up 38.2% compared to the same quarter last year. Research analysts forecast that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Insider Activity at Micron Technology

In other news, EVP Scott J. Deboer sold 20,000 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $110.00, for a total value of $2,200,000.00. Following the transaction, the executive vice president now owns 186,353 shares of the company's stock, valued at approximately $20,498,830. The trade was a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,404 shares of company stock valued at $5,572,867 in the last three months. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

A number of large investors have recently bought and sold shares of the company. Sunbeam Capital Management LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in Micron Technology during the first quarter worth about $33,000. Midwest Capital Advisors LLC acquired a new stake in shares of Micron Technology during the 4th quarter valued at approximately $33,000. Roxbury Financial LLC increased its stake in Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after purchasing an additional 300 shares in the last quarter. Finally, Curio Wealth LLC purchased a new stake in Micron Technology during the fourth quarter worth $34,000. 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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