Micron Technology (NASDAQ:MU) Price Target Raised to $165.00 at KeyCorp

Micron Technology (NASDAQ:MU) had its target price boosted by stock analysts at KeyCorp from $160.00 to $165.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. KeyCorp’s target price points to a potential upside of 20.98% from the stock’s previous close.

Several other research firms have also recently issued reports on MU. Cantor Fitzgerald raised their price objective on Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. Robert W. Baird lifted their target price on Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a report on Monday, June 24th. JPMorgan Chase & Co. lifted their target price on Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. TD Cowen lifted their target price on Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $225.00 target price on shares of Micron Technology in a report on Tuesday, June 25th. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $158.72.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $136.39 on Tuesday. The business’s fifty day moving average price is $131.48 and its two-hundred day moving average price is $109.14. The stock has a market cap of $151.23 billion, a PE ratio of -96.05 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. Micron Technology has a one year low of $61.75 and a one year high of $157.54.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. Micron Technology’s quarterly revenue was up 81.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.57) EPS. On average, analysts forecast that Micron Technology will post 0.58 EPS for the current fiscal year.

Insider Transactions at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $120.70, for a total value of $844,900.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $86,789,214.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Sumit Sadana sold 13,239 shares of the business’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the sale, the executive vice president now directly owns 260,857 shares of the company’s stock, valued at $30,981,985.89. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total value of $844,900.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $86,789,214.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 250,730 shares of company stock valued at $31,063,449. 0.32% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Micron Technology by 1.8% during the first quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after buying an additional 1,681,815 shares during the period. Capital World Investors boosted its position in shares of Micron Technology by 6.6% during the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after buying an additional 1,400,154 shares during the period. Sanders Capital LLC boosted its position in shares of Micron Technology by 2.3% during the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock worth $1,927,263,000 after buying an additional 503,923 shares during the period. Capital International Investors boosted its position in shares of Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after buying an additional 2,397,885 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after buying an additional 3,315,988 shares during the period. 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.