Micron Technology (NASDAQ:MU) Price Target Raised to $220.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised Micron Technology's price target from $185.00 to $220.00, indicating a potential upside of 32.20% from its current price, while maintaining an "overweight" rating on the stock.
• Recent earnings report revealed that Micron Technology posted $1.91 earnings per share, surpassing analysts' expectations by $0.34; revenue for the quarter was $9.30 billion.
• Overall, Micron Technology has received positive ratings from many analysts, with a consensus rating of "Moderate Buy" and an average price target of $174.38.

Micron Technology (NASDAQ:MU - Get Free Report) had its target price lifted by research analysts at JPMorgan Chase & Co. from $185.00 to $220.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the semiconductor manufacturer's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 32.20% from the company's current price.

Other equities analysts have also recently issued research reports about the stock. Bank of America lifted their target price on shares of Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, June 26th. Wall Street Zen downgraded Micron Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 13th. Needham & Company LLC increased their target price on Micron Technology from $150.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday. Susquehanna raised their price target on Micron Technology from $160.00 to $200.00 and gave the stock a "positive" rating in a research report on Wednesday, September 17th. Finally, Cantor Fitzgerald boosted their price target on Micron Technology from $155.00 to $185.00 and gave the stock an "overweight" rating in a report on Monday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $174.38.

Micron Technology Stock Up 1.1%

Shares of NASDAQ MU opened at $166.41 on Wednesday. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. Micron Technology has a 52 week low of $61.54 and a 52 week high of $170.45. The firm has a 50-day moving average price of $125.66 and a 200 day moving average price of $106.69. The stock has a market capitalization of $186.23 billion, a price-to-earnings ratio of 29.98 and a beta of 1.47.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The business had revenue of $9.30 billion during 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 last year, the business posted $0.62 earnings per share. Equities research analysts anticipate that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Activity at Micron Technology

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 of the company's stock, valued at $28,864,415.52. This trade represents a 11.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjay Mehrotra sold 13,798 shares of the firm's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the transaction, the chief executive officer owned 325,148 shares in the company, valued at $52,739,005.60. This represents a 4.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 255,946 shares of company stock worth $32,306,159. Corporate insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MU. Norges Bank acquired a new position in shares of Micron Technology in the second quarter valued at $1,980,700,000. Nuveen LLC acquired a new stake in Micron Technology in the 1st quarter valued at $369,191,000. Slate Path Capital LP bought a new stake in Micron Technology during the second quarter worth about $317,751,000. Vanguard Group Inc. raised its holdings in shares of Micron Technology by 2.1% in the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock valued at $8,854,644,000 after buying an additional 2,049,163 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Micron Technology by 23.8% during the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock valued at $922,467,000 after purchasing an additional 2,038,641 shares during the last quarter. Institutional investors and hedge funds 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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