Micron Technology (NASDAQ:MU) Price Target Raised to $180.00 at Bank of America

Key Points

• Bank of America has raised its price target for Micron Technology from $140.00 to $180.00, predicting an 8.17% upside from its current stock price.
• Other analysts have also adjusted their price targets, with JPMorgan Chase now projecting a target of $220.00 after moving it from $185.00, and several others issuing ratings of "overweight" and "strong-buy."
• Micron Technology reported strong earnings, with a $1.91 EPS for the last quarter, surpassing analyst expectations, alongside revenue of $9.30 billion.

Micron Technology (NASDAQ:MU - Get Free Report) had its price target lifted by investment analysts at Bank of America from $140.00 to $180.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the semiconductor manufacturer's stock. Bank of America's target price points to a potential upside of 8.17% from the stock's current price.

A number of other equities research analysts have also recently commented on the company. Wells Fargo & Company increased their target price on Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Susquehanna increased their target price on Micron Technology from $160.00 to $200.00 and gave the company a "positive" rating in a report on Wednesday, September 17th. Arete Research upgraded Micron Technology to a "strong-buy" rating in a report on Friday, July 18th. JPMorgan Chase & Co. increased their price target on Micron Technology from $185.00 to $220.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, Stifel Nicolaus increased their price target on Micron Technology from $145.00 to $173.00 and gave the stock a "buy" rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $174.38.

Micron Technology Stock Performance

MU opened at $166.41 on Wednesday. The stock has a market cap of $186.23 billion, a P/E ratio of 29.98 and a beta of 1.47. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The stock's 50 day simple moving average is $125.66 and its 200 day simple moving average is $106.69. Micron Technology has a 1-year low of $61.54 and a 1-year high of $170.45.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The firm had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%.During the same quarter in the prior year, the firm earned $0.62 EPS. As a group, equities analysts anticipate that Micron Technology will post 6.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Mark J. Murphy sold 34,000 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 264,036 shares in the company, valued at $28,864,415.52. This trade represents a 11.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the firm's stock in a transaction dated 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 sale, the executive vice president owned 275,067 shares of the company's stock, valued at $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 255,946 shares of company stock valued at $32,306,159 over the last ninety days. Insiders own 0.30% of the company's stock.

Institutional Trading of Micron Technology

Several large investors have recently modified their holdings of MU. RS Crum Inc. acquired a new position in Micron Technology in the second quarter worth about $246,000. Caldwell Trust Co acquired a new position in Micron Technology in the second quarter worth about $43,000. Valeo Financial Advisors LLC grew its stake in Micron Technology by 15.6% in the second quarter. Valeo Financial Advisors LLC now owns 10,750 shares of the semiconductor manufacturer's stock worth $1,325,000 after purchasing an additional 1,447 shares in the last quarter. Silicon Valley Capital Partners grew its stake in Micron Technology by 56.1% in the second quarter. Silicon Valley Capital Partners now owns 5,583 shares of the semiconductor manufacturer's stock worth $688,000 after purchasing an additional 2,006 shares in the last quarter. Finally, WT Wealth Management acquired a new position in Micron Technology in the second quarter worth about $260,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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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