Rosenblatt Securities Reaffirms "Buy" Rating for Micron Technology (NASDAQ:MU)

Micron Technology (NASDAQ:MU - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Rosenblatt Securities in a research note issued to investors on Monday,Benzinga reports. They currently have a $172.00 target price on the semiconductor manufacturer's stock. Rosenblatt Securities' price target would suggest a potential upside of 39.01% from the company's previous close.

Several other research analysts have also recently weighed in on the company. Royal Bank Of Canada set a $125.00 price target on Micron Technology in a research report on Wednesday, March 19th. JPMorgan Chase & Co. cut their price objective on Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a research note on Friday, March 21st. Wall Street Zen raised Micron Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Citigroup upped their target price on shares of Micron Technology from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Mizuho increased their price objective on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. One analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $126.75.

Micron Technology Stock Up 0.1%

Shares of MU traded up $0.14 during trading hours on Monday, hitting $123.74. The company had a trading volume of 3,140,109 shares, compared to its average volume of 23,382,488. Micron Technology has a one year low of $61.54 and a one year high of $144.07. The company's fifty day moving average price is $93.13 and its two-hundred day moving average price is $93.27. The company has a market capitalization of $138.28 billion, a PE ratio of 29.68 and a beta of 1.28. The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The business's revenue for the quarter was up 38.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. As a group, equities analysts forecast that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 5,210 shares of the stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $121.35, for a total transaction of $632,233.50. Following the transaction, the chief executive officer now owns 379,675 shares in the company, valued at approximately $46,073,561.25. The trade was a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 52,404 shares of company stock valued at $5,572,867 in the last 90 days. 0.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. E Fund Management Co. Ltd. lifted its stake in shares of Micron Technology by 31.8% during the fourth quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer's stock worth $3,062,000 after purchasing an additional 8,780 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Micron Technology by 43.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock valued at $1,193,000 after purchasing an additional 4,264 shares during the last quarter. Landscape Capital Management L.L.C. grew its stake in Micron Technology by 167.0% during the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock valued at $3,851,000 after purchasing an additional 28,621 shares in the last quarter. Duquesne Family Office LLC purchased a new stake in Micron Technology during the 4th quarter worth approximately $34,412,000. Finally, Janus Henderson Group PLC increased its holdings in Micron Technology by 74.6% during the 4th quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer's stock worth $222,779,000 after purchasing an additional 1,130,680 shares during the last quarter. Institutional investors and hedge funds 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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