Micron Technology (NASDAQ:MU) Stock Price Up 4.5% - What's Next?

Micron Technology, Inc. (NASDAQ:MU - Get Free Report)'s stock price shot up 4.5% during trading on Monday . The stock traded as high as $120.46 and last traded at $120.75. 7,269,063 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 23,665,725 shares. The stock had previously closed at $115.60.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MU. Royal Bank Of Canada set a $125.00 target price on shares of Micron Technology in a research report on Wednesday, March 19th. Mizuho boosted their target price on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Wall Street Zen upgraded shares of Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Robert W. Baird boosted their target price on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research report on Friday, March 21st. Finally, Citigroup boosted their target price on shares of Micron Technology from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Micron Technology has an average rating of "Moderate Buy" and an average target price of $129.00.

Micron Technology Stock Performance

The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28. The company's 50-day simple moving average is $92.05 and its 200-day simple moving average is $93.23. The stock has a market capitalization of $136.14 billion, a price-to-earnings ratio of 29.21 and a beta of 1.28.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The firm had revenue of $8.05 billion during the quarter, compared to analysts' expectations of $7.93 billion. During the same period in the prior year, the company posted $0.42 EPS. The company's revenue was up 38.2% on a year-over-year basis. On average, analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 5,210 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $121.35, for a total value of $632,233.50. Following the sale, the chief executive officer now directly owns 379,675 shares of the company's stock, valued at approximately $46,073,561.25. This represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the transaction, the executive vice president now directly owns 186,353 shares in the company, valued at approximately $20,498,830. This represents a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,404 shares of company stock valued at $5,572,867. 0.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MU. Brighton Jones LLC boosted its stake in Micron Technology by 18.3% during the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock worth $532,000 after acquiring an additional 976 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Micron Technology by 19.5% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 85,722 shares of the semiconductor manufacturer's stock worth $7,214,000 after acquiring an additional 13,985 shares in the last quarter. Allworth Financial LP raised its holdings in Micron Technology by 28.5% during the fourth quarter. Allworth Financial LP now owns 8,717 shares of the semiconductor manufacturer's stock worth $734,000 after buying an additional 1,933 shares during the last quarter. Csenge Advisory Group raised its holdings in Micron Technology by 56.4% during the fourth quarter. Csenge Advisory Group now owns 5,500 shares of the semiconductor manufacturer's stock worth $463,000 after buying an additional 1,983 shares during the last quarter. Finally, Empower Advisory Group LLC raised its holdings in Micron Technology by 5.9% during the fourth quarter. Empower Advisory Group LLC now owns 2,846 shares of the semiconductor manufacturer's stock worth $240,000 after buying an additional 158 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

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.