Micron Technology (NASDAQ:MU) Now Covered by Melius Research

Key Points

• Melius Research initiated coverage of Micron Technology (NASDAQ:MU) and assigned the stock a "buy" rating.
• Multiple brokerages have raised price targets sharply (e.g., Stifel to $550, Susquehanna $525, Needham/Wedbush $500), leaving a consensus rating of Buy with an average target price of $464.61.
• Insiders have been selling recently—89,000 shares over the past three months (including 40,000 at $347.39 and 24,000 at $421.35)—while institutional investors still own about 80.84% of the stock.

Research analysts at Melius Research began coverage on shares of Micron Technology (NASDAQ:MU - Get Free Report) in a report released on Monday. The brokerage set a "buy" rating on the semiconductor manufacturer's stock.

Several other brokerages also recently weighed in on MU. Phillip Securities raised Micron Technology to a "strong-buy" rating in a research note on Monday, February 2nd. Needham & Company LLC upped their price target on Micron Technology from $450.00 to $500.00 and gave the company a "buy" rating in a report on Thursday, March 19th. Wedbush upped their price objective on shares of Micron Technology from $320.00 to $500.00 and gave the company an "outperform" rating in a research note on Friday, March 13th. Susquehanna raised their target price on Micron Technology from $345.00 to $525.00 and gave the stock a "positive" rating in a research report on Monday, March 9th. Finally, Stifel Nicolaus lifted their target price on shares of Micron Technology from $360.00 to $550.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $464.61.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $496.72 on Monday. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 0.13. Micron Technology has a twelve month low of $73.50 and a twelve month high of $506.99. The business has a 50 day simple moving average of $413.83 and a 200-day simple moving average of $329.29. The company has a market capitalization of $560.17 billion, a price-to-earnings ratio of 23.45 and a beta of 1.60.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 40,000 shares of the firm's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $347.39, for a total value of $13,895,600.00. Following the sale, the executive vice president directly owned 125,737 shares in the company, valued at $43,679,776.43. This trade represents a 24.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sumit Sadana sold 24,000 shares of Micron Technology stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $421.35, for a total transaction of $10,112,400.00. Following the transaction, the executive vice president directly owned 224,021 shares of the company's stock, valued at $94,391,248.35. This represents a 9.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 89,000 shares of company stock valued at $34,755,250. Insiders own 0.24% of the company's stock.

Institutional Investors Weigh In On Micron Technology

Large investors have recently bought and sold shares of the business. REAP Financial Group LLC acquired a new stake in shares of Micron Technology in the third quarter valued at $25,000. High Note Wealth LLC lifted its position in Micron Technology by 65.4% during the 4th quarter. High Note Wealth LLC now owns 86 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 34 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new stake in Micron Technology during the 3rd quarter worth about $27,000. Elevation Wealth Partners LLC increased its position in Micron Technology by 295.8% in the 4th quarter. Elevation Wealth Partners LLC now owns 95 shares of the semiconductor manufacturer's stock valued at $27,000 after acquiring an additional 71 shares in the last quarter. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in Micron Technology in the 1st quarter valued at about $27,000. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Company Profile

Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.

Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.

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