Micron Technology (NASDAQ:MU) Raised to "Strong-Buy" at Summit Insights

Key Points

• Micron Technology has been upgraded to a "strong-buy" rating by Summit Insights, reflecting positive sentiment among analysts regarding the stock's performance.
• Multiple research firms have raised their target prices for Micron Technology, with estimates ranging from $185 to $200, indicating strong market confidence.
• The semiconductor manufacturer reported earnings of $1.91 per share, significantly exceeding the consensus estimate, highlighting its robust financial performance.

Micron Technology (NASDAQ:MU - Get Free Report) was upgraded by equities research analysts at Summit Insights to a "strong-buy" rating in a research note issued on Tuesday,Zacks.com reports.

Several other research firms also recently issued reports on MU. Arete Research upgraded Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. Cantor Fitzgerald raised their target price on Micron Technology from $185.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday. KGI Securities raised Micron Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday. 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. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Micron Technology from $175.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $184.77.

Micron Technology Stock Down 3.0%

Shares of NASDAQ:MU opened at $156.83 on Tuesday. The company has a market capitalization of $175.51 billion, a price-to-earnings ratio of 20.66 and a beta of 1.47. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.52 and a quick ratio of 1.89. The business's 50-day moving average is $127.44 and its 200-day moving average is $107.55. 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 posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 17.21% and a net margin of 22.84%.The business had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the prior year, the business earned $0.62 earnings per share. Equities research analysts predict that Micron Technology will post 6.08 earnings per share for the current year.

Insider Activity at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $115.67, for a total value of $278,070.68. Following the sale, the director directly owned 20,146 shares of the company's stock, valued at $2,330,287.82. This represents a 10.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 13,798 shares of the stock in a transaction that occurred 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 approximately $52,739,005.60. This represents a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 156,308 shares of company stock worth $19,804,967 in the last quarter. 0.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Micron Technology by 1.9% during the second quarter. Vanguard Group Inc. now owns 103,879,662 shares of the semiconductor manufacturer's stock worth $12,803,168,000 after purchasing an additional 1,973,294 shares during the last quarter. State Street Corp raised its holdings in shares of Micron Technology by 2.7% during the second quarter. State Street Corp now owns 51,373,591 shares of the semiconductor manufacturer's stock worth $6,331,795,000 after purchasing an additional 1,349,713 shares during the last quarter. Geode Capital Management LLC increased its holdings in Micron Technology by 1.2% in the second quarter. Geode Capital Management LLC now owns 25,690,491 shares of the semiconductor manufacturer's stock valued at $3,152,974,000 after buying an additional 314,489 shares in the last quarter. Norges Bank purchased a new position in Micron Technology in the second quarter valued at $1,980,700,000. Finally, Goldman Sachs Group Inc. increased its holdings in Micron Technology by 23.8% in 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 buying an additional 2,038,641 shares in the last quarter. Hedge funds and other 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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