Micron Technology (NASDAQ:MU) Rating Increased to Overweight at Morgan Stanley

Key Points

• Micron Technology has been upgraded to an "overweight" rating by Morgan Stanley, with a new target price of $220.00, reflecting a potential upside of 17.13% from its previous close.
• Several analysts have raised their target prices for Micron, including Deutsche Bank and KeyCorp, which have set targets of $200.00 and $215.00 respectively, indicating strong market sentiment.
• Insider selling has been reported, with notable transactions by directors, suggesting a potential caution despite analysts' positive outlook on the stock.

Micron Technology (NASDAQ:MU - Get Free Report) was upgraded by analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating in a report released on Monday,Benzinga reports. The brokerage presently has a $220.00 target price on the semiconductor manufacturer's stock, up from their previous target price of $160.00. Morgan Stanley's target price suggests a potential upside of 17.13% from the stock's previous close.

Other analysts have also issued research reports about the stock. Mizuho lifted their target price on shares of Micron Technology from $182.00 to $195.00 and gave the company an "outperform" rating in a research report on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Micron Technology from $175.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. KeyCorp lifted their price target on shares of Micron Technology from $160.00 to $215.00 and gave the company an "overweight" rating in a research report on Wednesday, September 24th. UBS Group raised their price target on shares of Micron Technology from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Finally, Wedbush raised their target price on Micron Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 24th. Four analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Micron Technology currently has an average rating of "Buy" and an average price target of $187.08.

Micron Technology Stock Performance

Shares of NASDAQ MU opened at $187.83 on Monday. The company has a current ratio of 2.52, a quick ratio of 1.79 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 $191.85. The company has a 50 day simple moving average of $134.89 and a two-hundred day simple moving average of $110.82. The stock has a market cap of $210.21 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 0.41 and a beta of 1.56.

Insider Buying and Selling

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard M. Beyer sold 5,552 shares of the firm's stock in a transaction that occurred on Thursday, September 25th. The stock was sold at an average price of $155.68, for a total transaction of $864,335.36. Following the completion of the transaction, the director directly owned 96,031 shares of the company's stock, valued at $14,950,106.08. This represents a 5.47% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 109,456 shares of company stock valued at $15,698,445. Company insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MU. First Command Advisory Services Inc. raised its position in shares of Micron Technology by 225.0% in the second quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer's stock valued at $27,000 after purchasing an additional 153 shares during the period. Howard Hughes Medical Institute bought a new position in Micron Technology in the second quarter valued at about $30,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology in the 1st quarter valued at about $33,000. AlphaQuest LLC lifted its stake in Micron Technology by 13,250.0% in the second quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer's stock valued at $33,000 after buying an additional 265 shares during the period. Finally, WealthCollab LLC grew its stake in Micron Technology by 4,500.0% in the second quarter. WealthCollab LLC now owns 276 shares of the semiconductor manufacturer's stock valued at $34,000 after acquiring an additional 270 shares during the period. 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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