Micron Technology (NASDAQ:MU) Price Target Raised to $180.00 at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has raised its price target for Micron Technology from $145.00 to $180.00, maintaining a "neutral" rating which implies a potential downside of 5.51% from the current price.
• Other firms have also increased their price targets for Micron, with Raymond James setting a target of $190.00 and KeyCorp raising it to $215.00, contributing to a consensus rating of "Buy" and an average target price of $191.78.
• Micron Technology shares are currently down 3.1%, trading at approximately $190.50, with recent insider selling reported by both a director and the CEO.

Micron Technology (NASDAQ:MU - Get Free Report) had its price objective raised by stock analysts at The Goldman Sachs Group from $145.00 to $180.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the semiconductor manufacturer's stock. The Goldman Sachs Group's target price indicates a potential downside of 5.51% from the stock's current price.

A number of other research firms have also recently issued reports on MU. Raymond James Financial lifted their price objective on Micron Technology from $150.00 to $190.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. KeyCorp lifted their price objective on Micron Technology from $160.00 to $215.00 and gave the company an "overweight" rating in a research report on Wednesday, September 24th. Zacks Research raised Micron Technology from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 19th. KGI Securities raised Micron Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, September 24th. Finally, Robert W. Baird lifted their price objective on Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $191.78.

Micron Technology Stock Down 3.1%

Shares of Micron Technology stock traded down $6.04 during midday trading on Thursday, hitting $190.50. The company's stock had a trading volume of 15,198,638 shares, compared to its average volume of 23,388,057. The firm has a market capitalization of $213.83 billion, a P/E ratio of 25.10, a PEG ratio of 0.41 and a beta of 1.56. The stock has a 50-day simple moving average of $139.60 and a 200-day simple moving average of $112.59. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. Micron Technology has a 1-year low of $61.54 and a 1-year high of $201.00.

Insider Buying and Selling

In related news, Director Richard M. Beyer sold 5,552 shares of Micron Technology stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $155.68, for a total transaction of $864,335.36. Following the sale, the director directly owned 96,031 shares of the company's stock, valued at $14,950,106.08. This trade represents a 5.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 21,563 shares of Micron Technology stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $188.47, for a total value of $4,063,978.61. Following the sale, the chief executive officer directly owned 272,648 shares in the company, valued at $51,385,968.56. The trade was a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 146,956 shares of company stock valued at $22,841,025 over the last three months. 0.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MU. First Command Advisory Services Inc. raised its position in shares of Micron Technology by 225.0% during the 2nd quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock valued at $27,000 after acquiring an additional 153 shares during the last quarter. Howard Hughes Medical Institute acquired a new position in shares of Micron Technology during the 2nd quarter worth about $30,000. AlphaQuest LLC boosted its stake in shares of Micron Technology by 13,250.0% during the 2nd quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock worth $33,000 after buying an additional 265 shares during the last quarter. WealthCollab LLC raised its holdings in shares of 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 purchasing an additional 270 shares during the period. Finally, Hilltop National Bank bought a new stake in shares of Micron Technology in the 2nd quarter valued at about $37,000. Institutional investors 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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