Micron Technology (NASDAQ:MU) Price Target Raised to $165.00 at JPMorgan Chase & Co.

Micron Technology (NASDAQ:MU - Get Free Report) had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $135.00 to $165.00 in a note issued to investors on Thursday. The firm currently has an "overweight" rating on the semiconductor manufacturer's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 29.67% from the company's previous close.

Other equities analysts have also issued reports about the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $172.00 price target on shares of Micron Technology in a research note on Monday. TD Cowen raised their target price on Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday. China Renaissance cut shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target on the stock. in a research report on Wednesday, March 26th. Cantor Fitzgerald restated an "overweight" rating and set a $130.00 price objective on shares of Micron Technology in a research report on Friday, March 21st. Finally, KeyCorp increased their target price on shares of Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $141.83.

Micron Technology Stock Performance

Shares of MU stock opened at $127.25 on Thursday. The business has a 50 day moving average of $96.45 and a two-hundred day moving average of $93.89. 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 company has a market cap of $142.21 billion, a P/E ratio of 30.52 and a beta of 1.28. Micron Technology has a 52 week low of $61.54 and a 52 week high of $144.07.

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, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The business had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. During the same period last year, the firm posted $0.62 earnings per share. As a group, analysts anticipate that Micron Technology will post 6.08 EPS for the current year.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 5,210 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $121.35, for a total transaction of $632,233.50. Following the completion of the sale, the chief executive officer now directly owns 379,675 shares in the company, valued at approximately $46,073,561.25. This trade represents a 1.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction dated 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 transaction, the director now owns 24,954 shares in the company, valued at $1,996,320. This represents a 8.79% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,404 shares of company stock valued at $4,130,167. Company insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC boosted its stake in shares of Micron Technology by 21.6% during the 1st quarter. Voya Investment Management LLC now owns 2,956,411 shares of the semiconductor manufacturer's stock valued at $256,701,000 after buying an additional 525,596 shares during the period. Strs Ohio purchased a new stake in shares of Micron Technology during the first quarter worth $57,628,000. SWS Partners raised its holdings in shares of Micron Technology by 2.5% during the first quarter. SWS Partners now owns 21,529 shares of the semiconductor manufacturer's stock worth $1,871,000 after acquiring an additional 531 shares in the last quarter. Westbourne Investments Inc. boosted its position in Micron Technology by 555.9% during the first quarter. Westbourne Investments Inc. now owns 17,590 shares of the semiconductor manufacturer's stock valued at $1,528,000 after purchasing an additional 14,908 shares during the last quarter. Finally, Focus Partners Wealth grew its stake in Micron Technology by 312.1% in the first quarter. Focus Partners Wealth now owns 138,878 shares of the semiconductor manufacturer's stock valued at $12,067,000 after purchasing an additional 105,178 shares in the last quarter. Hedge funds and other 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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