Rosenblatt Securities Issues Positive Forecast for Micron Technology (NASDAQ:MU) Stock Price

Key Points

• Rosenblatt Securities has raised its price target for Micron Technology from $200 to $250, indicating a potential upside of 50.23% from the stock's previous close.
• Numerous analysts are optimistic about Micron, with Wolfe Research and Piper Sandler also increasing their price targets, contributing to an overall average rating of "Moderate Buy" with a target price of $169.38.
• Micron's quarterly earnings exceeded expectations, reporting $1.91 earnings per share on $9.30 billion in revenue, indicating a significant year-over-year improvement.

Micron Technology (NASDAQ:MU - Get Free Report) had its price target increased by research analysts at Rosenblatt Securities from $200.00 to $250.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the semiconductor manufacturer's stock. Rosenblatt Securities' price target would indicate a potential upside of 50.23% from the stock's previous close.

Other analysts have also issued research reports about the stock. Wolfe Research increased their price objective on shares of Micron Technology from $160.00 to $180.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 17th. Piper Sandler raised their price target on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Raymond James Financial raised their price target on shares of Micron Technology from $120.00 to $150.00 and gave the company an "outperform" rating in a research report on Thursday, June 26th. Arete Research upgraded shares of Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. Finally, Deutsche Bank Aktiengesellschaft raised 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. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $169.38.

Micron Technology Stock Up 1.1%

NASDAQ:MU opened at $166.41 on Wednesday. The firm has a market capitalization of $186.23 billion, a P/E ratio of 29.98 and a beta of 1.47. Micron Technology has a 1-year low of $61.54 and a 1-year high of $170.45. The company's fifty day moving average price is $125.66 and its 200-day moving average price is $106.69. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

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 for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. The firm had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter in the prior year, the business earned $0.62 earnings per share. As a group, equities research analysts anticipate that Micron Technology will post 6.08 EPS for the current year.

Insider Activity at Micron Technology

In other Micron Technology news, EVP Manish H. Bhatia sold 80,000 shares of Micron Technology stock in a transaction dated 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 transaction, the executive vice president directly owned 275,067 shares of the company's stock, valued at $33,877,251.72. The trade was a 22.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 13,798 shares of Micron Technology stock in a transaction dated 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 transaction, the chief executive officer directly owned 325,148 shares in the company, valued at $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 255,946 shares of company stock valued at $32,306,159 over the last ninety days. Corporate insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently made changes to their positions in MU. Norges Bank acquired a new stake in shares of Micron Technology during the second quarter valued at about $1,980,700,000. Nuveen LLC acquired a new stake in shares of Micron Technology during the first quarter valued at about $369,191,000. Slate Path Capital LP acquired a new stake in shares of Micron Technology during the second quarter valued at about $317,751,000. Vanguard Group Inc. increased its position in shares of Micron Technology by 2.1% during the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock valued at $8,854,644,000 after acquiring an additional 2,049,163 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of 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 purchasing an additional 2,038,641 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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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