Micron Technology (NASDAQ:MU) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Key Points

• Needham & Company LLC has raised its target price for Micron Technology stock from $150.00 to $200.00, indicating a potential upside of 20.19% from its current price.
• Micron reported a quarterly earnings per share (EPS) of $1.91, exceeding analysts' expectations of $1.57, along with a net revenue of $9.30 billion.
• Several analysts have upgraded Micron's ratings, with the consensus reflecting a "Moderate Buy" status and an average target price of $169.38.

Micron Technology (NASDAQ:MU - Get Free Report) had its target price raised by research analysts at Needham & Company LLC from $150.00 to $200.00 in a research report issued on Wednesday, MarketBeat reports. The firm presently has a "buy" rating on the semiconductor manufacturer's stock. Needham & Company LLC's price target points to a potential upside of 20.19% from the stock's current price.

A number of other equities analysts have also recently issued reports on MU. Wolfe Research boosted their price objective on shares of Micron Technology from $160.00 to $180.00 and gave the company an "outperform" rating in a research report on Wednesday, September 17th. Robert W. Baird boosted their price target on shares of Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Micron Technology from $150.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Arete Research upgraded shares of Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. Finally, UBS Group boosted their price target on shares of Micron Technology from $155.00 to $185.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $169.38.

Micron Technology Price Performance

MU stock opened at $166.41 on Wednesday. The firm's 50-day moving average price is $125.66 and its two-hundred day moving average price is $106.69. Micron Technology has a 12-month low of $61.54 and a 12-month high of $170.45. The stock has a market capitalization of $186.23 billion, a price-to-earnings ratio of 29.98 and a beta of 1.47. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30.

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 net margin of 18.41% and a return on equity of 13.60%. The firm had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $8.83 billion. During the same quarter in the previous year, the company earned $0.62 earnings per share. As a group, equities analysts predict that Micron Technology will post 6.08 earnings per share for the current year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the completion of the sale, the executive vice president directly owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 13,798 shares of the 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 completion of the sale, the chief executive officer directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 255,946 shares of company stock valued at $32,306,159 in the last ninety days. Corporate insiders own 0.30% of the company's stock.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. 180 Wealth Advisors LLC increased its stake in shares of Micron Technology by 1.9% in the second quarter. 180 Wealth Advisors LLC now owns 5,235 shares of the semiconductor manufacturer's stock worth $645,000 after purchasing an additional 99 shares in the last quarter. SilverOak Wealth Management LLC boosted its position in shares of Micron Technology by 3.5% during the second quarter. SilverOak Wealth Management LLC now owns 2,955 shares of the semiconductor manufacturer's stock worth $364,000 after acquiring an additional 100 shares during the last quarter. Beta Wealth Group Inc. boosted its position in shares of Micron Technology by 1.5% during the second quarter. Beta Wealth Group Inc. now owns 6,805 shares of the semiconductor manufacturer's stock worth $839,000 after acquiring an additional 102 shares during the last quarter. HMS Capital Management LLC boosted its position in shares of Micron Technology by 0.6% during the second quarter. HMS Capital Management LLC now owns 19,271 shares of the semiconductor manufacturer's stock worth $2,375,000 after acquiring an additional 107 shares during the last quarter. Finally, D.B. Root & Company LLC boosted its position in shares of Micron Technology by 3.7% during the first quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer's stock worth $262,000 after acquiring an additional 108 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other 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.

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