Micron Technology (NASDAQ:MU) Coverage Initiated at The Goldman Sachs Group

Research analysts at The Goldman Sachs Group began coverage on shares of Micron Technology (NASDAQ:MU - Get Free Report) in a report issued on Thursday, MarketBeat reports. The brokerage set a "neutral" rating and a $130.00 price target on the semiconductor manufacturer's stock. The Goldman Sachs Group's price target suggests a potential upside of 4.55% from the stock's previous close.

Several other analysts have also recently weighed in on the stock. Cantor Fitzgerald boosted their price objective on shares of Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Rosenblatt Securities boosted their price target on shares of Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Royal Bank Of Canada set a $125.00 price target on shares of Micron Technology in a research report on Wednesday, March 19th. Robert W. Baird boosted their price target on shares of Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a research report on Friday, June 27th. Finally, Wall Street Zen upgraded shares of Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $146.44.

Micron Technology Trading Up 1.0%

Micron Technology stock traded up $1.23 during trading hours on Thursday, hitting $124.34. The stock had a trading volume of 10,654,647 shares, compared to its average volume of 23,232,028. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The stock has a market cap of $139.15 billion, a price-to-earnings ratio of 22.42 and a beta of 1.35. Micron Technology has a one year low of $61.54 and a one year high of $136.43. The business's 50 day simple moving average is $107.16 and its 200-day simple moving average is $95.68.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The company 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 firm posted $0.62 earnings per share. On average, equities analysts predict that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Activity

In other Micron Technology news, Director Steven J. Gomo sold 7,000 shares of the company's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the transaction, the director owned 22,762 shares in the company, valued at $2,848,664.30. This represents a 23.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $123.16, for a total value of $9,852,800.00. Following the completion of the transaction, the executive vice president owned 275,067 shares of the company's stock, valued at $33,877,251.72. This trade represents a 22.53% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 254,446 shares of company stock worth $31,154,717. Company insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

Hedge funds have recently modified their holdings of the stock. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology in the 4th quarter worth approximately $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Micron Technology in the first quarter worth about $33,000. Curio Wealth LLC purchased a new position in shares of Micron Technology in the fourth quarter worth about $34,000. AllSquare Wealth Management LLC increased its stake in shares of Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after purchasing an additional 200 shares in the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Micron Technology in the first quarter worth about $36,000. Institutional investors 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.