Micron Technology (NASDAQ:MU)'s stock had its "buy" rating reiterated by equities research analysts at Sanford C. Bernstein in a report issued on Tuesday, TipRanks reports. They presently have a $70.00 target price on the semiconductor manufacturer's stock. Sanford C. Bernstein's target price would indicate a potential upside of 35.87% from the stock's current price.
A number of other analysts also recently issued reports on the stock. KeyCorp raised their price objective on shares of Micron Technology from $59.00 to $70.00 and gave the stock an "overweight" rating in a report on Tuesday. Deutsche Bank decreased their price objective on shares of Micron Technology from $65.00 to $60.00 and set a "buy" rating for the company in a report on Thursday, March 26th. Needham & Company LLC raised their price objective on shares of Micron Technology from $63.00 to $70.00 and gave the stock a "buy" rating in a report on Tuesday. Rosenblatt Securities restated a "buy" rating and set a $100.00 price objective on shares of Micron Technology in a report on Monday. Finally, Nomura raised their price objective on shares of Micron Technology from $45.00 to $51.00 and gave the stock a "neutral" rating in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. The stock presently has an average rating of "Buy" and a consensus price target of $63.42.
MU opened at $51.52 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.74 and a quick ratio of 1.85. The company's 50-day moving average is $48.40 and its 200 day moving average is $50.07. Micron Technology has a fifty-two week low of $31.13 and a fifty-two week high of $61.19. The firm has a market capitalization of $57.30 billion, a P/E ratio of 25.51, a PEG ratio of 2.12 and a beta of 1.61.
Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Monday, June 29th. The semiconductor manufacturer reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.71 by $0.11. Micron Technology had a net margin of 11.72% and a return on equity of 7.16%. The company had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the firm earned $1.05 earnings per share. The firm's revenue was up 13.6% on a year-over-year basis. On average, equities research analysts expect that Micron Technology will post 2.23 earnings per share for the current year.
In other news, SVP April S. Arnzen sold 2,542 shares of the business's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $45.00, for a total value of $114,390.00. Following the completion of the sale, the senior vice president now directly owns 73,054 shares in the company, valued at approximately $3,287,430. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.18% of the company's stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust increased its stake in shares of Micron Technology by 15.6% in the first quarter. Parkside Financial Bank & Trust now owns 1,620 shares of the semiconductor manufacturer's stock worth $68,000 after buying an additional 219 shares during the period. Glassman Wealth Services increased its stake in shares of Micron Technology by 65.6% in the first quarter. Glassman Wealth Services now owns 593 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 235 shares during the period. Lindbrook Capital LLC increased its stake in shares of Micron Technology by 17.2% in the first quarter. Lindbrook Capital LLC now owns 1,638 shares of the semiconductor manufacturer's stock worth $69,000 after buying an additional 240 shares during the period. Ausdal Financial Partners Inc. increased its stake in shares of Micron Technology by 2.0% in the first quarter. Ausdal Financial Partners Inc. now owns 12,504 shares of the semiconductor manufacturer's stock worth $543,000 after buying an additional 245 shares during the period. Finally, Fagan Associates Inc. increased its stake in shares of Micron Technology by 0.8% in the first quarter. Fagan Associates Inc. now owns 32,325 shares of the semiconductor manufacturer's stock worth $1,360,000 after buying an additional 250 shares during the period. 80.06% of the stock is currently owned by institutional investors.
About Micron Technology
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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