Micron Technology (NASDAQ:MU) Given New $150.00 Price Target at Wells Fargo & Company

Micron Technology (NASDAQ:MU - Get Free Report) had its price target boosted by investment analysts at Wells Fargo & Company from $130.00 to $150.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the semiconductor manufacturer's stock. Wells Fargo & Company's price objective would suggest a potential upside of 23.13% from the stock's current price.

Other equities analysts have also issued reports about the stock. Wedbush raised their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday. Mizuho raised their target price on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. China Renaissance downgraded shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target for the company. in a research report on Wednesday, March 26th. Citigroup raised their price objective on Micron Technology from $110.00 to $130.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, KGI Securities raised shares of Micron Technology to a "strong-buy" rating in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Micron Technology presently has an average rating of "Moderate Buy" and an average price target of $130.80.

Micron Technology Stock Up 1.2%

Micron Technology stock opened at $121.82 on Friday. Micron Technology has a twelve month low of $61.54 and a twelve month high of $157.41. The company's 50-day moving average price is $92.05 and its two-hundred day moving average price 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. The stock has a market cap of $136.14 billion, a P/E ratio of 29.21 and a beta of 1.28.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. The company's quarterly revenue was up 38.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.42 EPS. As a group, analysts expect that Micron Technology will post 6.08 EPS for the current year.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 2,290 shares of Micron Technology stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $120.31, for a total value of $275,509.90. Following the completion of the transaction, the chief executive officer now directly owns 384,885 shares in the company, valued at approximately $46,305,514.35. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 52,404 shares of company stock worth $5,572,867 in the last 90 days. Insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MU. Vanguard Group Inc. boosted its position in shares of Micron Technology by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock valued at $8,854,644,000 after purchasing an additional 2,049,163 shares in the last quarter. FMR LLC grew its position in shares of Micron Technology by 34.6% during the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after buying an additional 12,249,341 shares during the period. Capital World Investors increased its stake in shares of Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after acquiring an additional 15,993,036 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Micron Technology by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer's stock valued at $2,052,973,000 after acquiring an additional 726,282 shares during the period. Finally, Norges Bank bought a new position in Micron Technology during the fourth quarter worth $1,470,875,000. 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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