Micron Technology (NASDAQ:MU) Raised to Strong-Buy at KGI Securities

Key Points

• KGI Securities has upgraded Micron Technology from a "hold" rating to a "strong-buy" rating, signaling increased confidence in the company.
• Multiple analysts have raised their price targets for Micron, with estimates now ranging from $180 to $215.
• Insider trading has seen significant activity, with CEO Sanjay Mehrotra selling almost 14,000 shares recently, marking a notable decrease in his ownership position.

Micron Technology (NASDAQ:MU - Get Free Report) was upgraded by KGI Securities from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other analysts have also recently weighed in on MU. KeyCorp boosted their price target on Micron Technology from $160.00 to $215.00 and gave the stock an "overweight" rating in a research report on Wednesday. Stifel Nicolaus boosted their price target on Micron Technology from $173.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday. Needham & Company LLC boosted their price objective on Micron Technology from $150.00 to $200.00 and gave the stock a "buy" rating in a research report on Wednesday. Piper Sandler boosted their price objective on Micron Technology from $165.00 to $200.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Wolfe Research boosted their price objective on Micron Technology from $160.00 to $180.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 17th. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Micron Technology presently has an average rating of "Buy" and an average price target of $184.77.

Micron Technology Stock Performance

Shares of Micron Technology stock opened at $156.83 on Wednesday. The stock has a market cap of $175.51 billion, a PE ratio of 20.66 and a beta of 1.47. The business has a fifty day simple moving average of $127.44 and a 200-day simple moving average of $107.55. The company has a quick ratio of 1.89, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. Micron Technology has a 12 month low of $61.54 and a 12 month high of $170.45.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a return on equity of 17.21% and a net margin of 22.84%.The firm had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. During the same quarter last year, the firm earned $0.62 earnings per share. On average, sell-side analysts anticipate that Micron Technology will post 6.08 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sanjay Mehrotra sold 13,798 shares of the firm's stock in a transaction on Friday, September 19th. The stock was sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the sale, the chief executive officer owned 325,148 shares of the company's stock, valued at approximately $52,739,005.60. This trade represents a 4.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Manish H. Bhatia sold 80,000 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $123.16, for a total value of $9,852,800.00. Following the sale, the executive vice president directly owned 275,067 shares in the company, valued at $33,877,251.72. The trade was a 22.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 156,308 shares of company stock worth $19,804,967. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently bought and sold shares of the business. Brighton Jones LLC grew its position in shares of Micron Technology by 18.3% in the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock valued at $532,000 after purchasing an additional 976 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Micron Technology by 10.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 350,612 shares of the semiconductor manufacturer's stock valued at $29,507,000 after buying an additional 32,502 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Micron Technology by 5.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 4,029 shares of the semiconductor manufacturer's stock valued at $350,000 after buying an additional 219 shares during the period. Marcum Wealth LLC boosted its stake in shares of Micron Technology by 4.0% in the first quarter. Marcum Wealth LLC now owns 5,119 shares of the semiconductor manufacturer's stock valued at $445,000 after buying an additional 198 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of Micron Technology by 65.8% in the first quarter. Versant Capital Management Inc now owns 4,413 shares of the semiconductor manufacturer's stock valued at $383,000 after buying an additional 1,751 shares during the period. Institutional investors and hedge funds 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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