Micron Technology (NASDAQ:MU) Given New $200.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised Micron Technology's price target from $165.00 to $200.00, indicating a potential upside of 20.19% from the stock's previous close, and maintaining an "overweight" rating.
• Multiple analysts have favorable outlooks on Micron, with Needham & Company and Rosenblatt Securities also increasing their price targets to $200.00 and $250.00, respectively.
• Micron reported earnings of $1.91 per share for the last quarter, surpassing analysts' expectations of $1.57 and reflecting strong revenue of $9.30 billion.

Micron Technology (NASDAQ:MU - Get Free Report) had its price target raised by equities research analysts at Piper Sandler from $165.00 to $200.00 in a research report issued on Wednesday,Briefing.com Automated Import reports. The brokerage presently has an "overweight" rating on the semiconductor manufacturer's stock. Piper Sandler's target price points to a potential upside of 20.19% from the stock's previous close.

MU has been the topic of several other reports. Needham & Company LLC increased their price target on shares of Micron Technology from $150.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday. Rosenblatt Securities raised their price target on shares of Micron Technology from $200.00 to $250.00 and gave the stock a "buy" rating in a research report on Wednesday. Robert W. Baird upped their price objective on Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Citigroup raised their target price on shares of Micron Technology from $150.00 to $175.00 and gave the stock a "buy" rating in a report on Thursday, September 11th. Finally, The Goldman Sachs Group started coverage on shares of Micron Technology in a research report on Thursday, July 10th. They issued a "neutral" rating and a $130.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $181.62.

Micron Technology Price Performance

NASDAQ MU opened at $166.41 on Wednesday. The stock has a market capitalization of $186.23 billion, a price-to-earnings ratio of 29.98 and a beta of 1.47. The business's fifty day moving average price is $125.66 and its 200-day moving average price is $106.69. Micron Technology has a 1-year low of $61.54 and a 1-year high of $170.45. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter in the prior year, the business posted $0.62 EPS. On average, equities analysts predict that Micron Technology will post 6.08 earnings per share for the current year.

Insider Activity

In other news, CFO Mark J. Murphy sold 34,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the sale, the chief financial officer owned 264,036 shares of the company's stock, valued at $28,864,415.52. The trade was a 11.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $123.16, for a total value of $9,852,800.00. Following the completion of the transaction, the executive vice president owned 275,067 shares of the company's stock, valued at $33,877,251.72. The trade was a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 255,946 shares of company stock worth $32,306,159 in the last ninety days. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds have recently made changes to their positions in the company. First Command Advisory Services Inc. boosted its position in Micron Technology by 225.0% during the second quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock valued at $27,000 after purchasing an additional 153 shares during the last quarter. Howard Hughes Medical Institute bought a new position in Micron Technology during the second quarter worth $30,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology during the 1st quarter worth about $33,000. AlphaQuest LLC lifted its stake in shares of Micron Technology by 13,250.0% in the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock valued at $33,000 after buying an additional 265 shares in the last quarter. Finally, WealthCollab LLC raised its position in Micron Technology by 4,500.0% in the 2nd quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer's stock valued at $34,000 after buying an additional 270 shares during the last quarter. Institutional investors and hedge funds 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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