Micron Technology (NASDAQ:MU) Price Target Raised to $130.00 at Citigroup

Micron Technology (NASDAQ:MU - Get Free Report) had its price objective hoisted by analysts at Citigroup from $110.00 to $130.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the semiconductor manufacturer's stock. Citigroup's target price would suggest a potential upside of 16.80% from the stock's previous close.

Several other research firms have also recently issued reports on MU. Rosenblatt Securities dropped their price target on Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a report on Friday, March 21st. Robert W. Baird upped their price target on Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a report on Friday, March 21st. Wedbush reaffirmed an "underperform" rating on shares of Micron Technology in a report on Monday, April 28th. UBS Group upped their price target on Micron Technology from $92.00 to $120.00 and gave the company a "buy" rating in a report on Thursday. Finally, KGI Securities raised Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $129.00.

Micron Technology Price Performance

MU stock traded up $2.75 during trading on Monday, hitting $111.31. The company had a trading volume of 12,915,754 shares, compared to its average volume of 23,592,508. The business has a 50 day moving average of $83.97 and a 200 day moving average of $92.05. The firm has a market capitalization of $124.39 billion, a price-to-earnings ratio of 32.04 and a beta of 1.28. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. Micron Technology has a fifty-two week low of $61.54 and a fifty-two week high of $157.54.

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 (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.05 billion during the quarter, compared to analysts' expectations of $7.93 billion. During the same period last year, the firm posted $0.42 earnings per share. The business's revenue was up 38.2% on a year-over-year basis. As a group, research analysts predict that Micron Technology will post 6.08 earnings per share for the current year.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the completion of the sale, the director now directly owns 24,954 shares in the company, valued at approximately $1,996,320. This represents a 8.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction 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 $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. 0.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds have recently bought and sold shares of MU. Xcel Wealth Management LLC grew its holdings in shares of Micron Technology by 1.8% during the 4th quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer's stock valued at $518,000 after purchasing an additional 108 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its position in Micron Technology by 3.8% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer's stock valued at $250,000 after acquiring an additional 108 shares in the last quarter. Twin Capital Management Inc. boosted its position in Micron Technology by 0.5% during the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock valued at $1,688,000 after acquiring an additional 108 shares in the last quarter. D.B. Root & Company LLC lifted its position in Micron Technology by 3.7% during the 1st quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer's stock valued at $262,000 after acquiring an additional 108 shares during the period. Finally, Cim Investment Management Inc. lifted its position in Micron Technology by 0.5% during the 4th quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock valued at $1,941,000 after acquiring an additional 114 shares during the period. 80.84% of the stock is currently owned by 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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