Micron Technology (MU) Price Target Raised to $80.00

Micron Technology (NASDAQ:MU) had its target price boosted by JPMorgan Chase & Co. from $60.00 to $80.00 in a research report released on Friday morning. They currently have an overweight rating on the semiconductor manufacturer’s stock.

A number of other equities research analysts have also recently issued reports on MU. Morgan Stanley boosted their target price on shares of Micron Technology from $39.00 to $55.00 and gave the company an overweight rating in a research report on Monday, November 27th. Robert W. Baird reissued an outperform rating and issued a $60.00 target price (up previously from $52.00) on shares of Micron Technology in a research report on Tuesday, November 28th. Zacks Investment Research cut shares of Micron Technology from a strong-buy rating to a hold rating in a research report on Tuesday, November 28th. Vetr raised shares of Micron Technology from a buy rating to a strong-buy rating and set a $52.11 target price for the company in a research report on Wednesday, November 29th. Finally, Deutsche Bank reissued a buy rating and issued a $55.00 target price on shares of Micron Technology in a research report on Thursday, November 30th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-four have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Micron Technology presently has an average rating of Buy and an average price target of $64.16.

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Micron Technology (NASDAQ MU) opened at $54.21 on Friday. The company has a current ratio of 2.58, a quick ratio of 2.06 and a debt-to-equity ratio of 0.29. Micron Technology has a 52-week low of $26.36 and a 52-week high of $63.42. The company has a market cap of $62,870.86, a price-to-earnings ratio of 6.30, a price-to-earnings-growth ratio of 0.52 and a beta of 1.46.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 22nd. The semiconductor manufacturer reported $2.82 EPS for the quarter, topping the Zacks’ consensus estimate of $2.55 by $0.27. Micron Technology had a net margin of 38.68% and a return on equity of 48.27%. The firm had revenue of $7.35 billion during the quarter, compared to analysts’ expectations of $7.28 billion. During the same period in the previous year, the business posted $0.90 earnings per share. The company’s revenue for the quarter was up 58.2% compared to the same quarter last year. equities analysts predict that Micron Technology will post 10.41 EPS for the current year.

In other Micron Technology news, Director Robert L. Bailey sold 3,000 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $42.73, for a total transaction of $128,190.00. Following the completion of the transaction, the director now owns 113,585 shares of the company’s stock, valued at $4,853,487.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Steven L. Thorsen, Jr. sold 60,921 shares of the business’s stock in a transaction dated Thursday, December 28th. The stock was sold at an average price of $42.40, for a total value of $2,583,050.40. Following the transaction, the senior vice president now directly owns 202,486 shares of the company’s stock, valued at approximately $8,585,406.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,346 shares of company stock valued at $6,291,481. Insiders own 0.53% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of MU. Arrowstreet Capital Limited Partnership increased its stake in shares of Micron Technology by 26,035.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,756,637 shares of the semiconductor manufacturer’s stock valued at $195,593,000 after buying an additional 4,738,437 shares during the period. Greenlight Capital Inc. increased its stake in shares of Micron Technology by 89.5% in the third quarter. Greenlight Capital Inc. now owns 5,021,900 shares of the semiconductor manufacturer’s stock valued at $197,511,000 after buying an additional 2,371,900 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $61,747,000. Amundi Pioneer Asset Management Inc. increased its stake in shares of Micron Technology by 53.3% in the third quarter. Amundi Pioneer Asset Management Inc. now owns 3,969,870 shares of the semiconductor manufacturer’s stock valued at $156,135,000 after buying an additional 1,379,561 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Micron Technology by 174.8% in the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 2,126,215 shares of the semiconductor manufacturer’s stock valued at $87,430,000 after buying an additional 1,352,435 shares during the period. 82.49% of the stock is owned by hedge funds and other institutional investors.

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Micron Technology Company Profile

Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

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