Micron Technology (NASDAQ:MU) Given New $170.00 Price Target at Wells Fargo & Company

Micron Technology (NASDAQ:MU - Get Free Report) had its price target hoisted by analysts at Wells Fargo & Company from $150.00 to $170.00 in a report released on Thursday. The firm presently has an "overweight" rating on the semiconductor manufacturer's stock. Wells Fargo & Company's price objective would suggest a potential upside of 33.60% from the company's previous close.

Several other research analysts have also recently weighed in on MU. Robert W. Baird boosted their price target on shares of Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a report on Friday, March 21st. JPMorgan Chase & Co. increased their price target on Micron Technology from $135.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday. Royal Bank Of Canada set a $125.00 price objective on Micron Technology in a research report on Wednesday, March 19th. TD Cowen upped their price objective on Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Citigroup lifted their target price on Micron Technology from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.83.

Micron Technology Stock Down 0.5%

Shares of NASDAQ:MU opened at $127.25 on Thursday. The business's 50 day moving average is $96.45 and its 200 day moving average is $93.89. Micron Technology has a 12-month low of $61.54 and a 12-month high of $144.07. The stock has a market cap of $142.21 billion, a price-to-earnings ratio of 30.52 and a beta of 1.28. 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 data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same period in the previous year, the firm earned $0.62 EPS. On average, sell-side analysts forecast that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the transaction, the director now owns 24,954 shares of the company's stock, valued at approximately $1,996,320. The trade was a 8.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 5,210 shares of the company's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $121.35, for a total transaction of $632,233.50. Following the sale, the chief executive officer now directly owns 379,675 shares in the company, valued at $46,073,561.25. This trade represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,404 shares of company stock worth $4,130,167 over the last 90 days. Corporate insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MU. Norges Bank purchased a new stake in shares of Micron Technology in the fourth quarter worth $1,470,875,000. Capital World Investors grew its position in Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after buying an additional 15,993,036 shares in the last quarter. FMR LLC increased its stake in Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after acquiring an additional 12,249,341 shares during the last quarter. Capital Research Global Investors raised its holdings in shares of Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after acquiring an additional 9,489,579 shares in the last quarter. Finally, Capital International Investors grew its holdings in shares of Micron Technology by 36.3% during the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares in the last quarter. 80.84% of the stock is currently 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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