Micron Technology (NASDAQ:MU) Earns Buy Rating from Rosenblatt Securities

Micron Technology (NASDAQ:MU)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a research note issued on Wednesday,Benzinga reports. They currently have a $250.00 target price on the semiconductor manufacturer’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 187.06% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Bank of America increased their price target on Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. BNP Paribas lowered shares of Micron Technology from an “outperform” rating to an “underperform” rating and cut their target price for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. Wedbush reissued an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a research report on Tuesday. Susquehanna dropped their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research note on Thursday, September 26th. Finally, KeyCorp reduced their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $133.56.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $87.09 on Wednesday. The company has a market capitalization of $97.02 billion, a PE ratio of 128.08 and a beta of 1.16. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The stock’s 50 day moving average price is $103.48 and its 200-day moving average price is $108.93. Micron Technology has a twelve month low of $78.63 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same quarter in the prior year, the business earned ($0.95) earnings per share. The firm’s revenue for the quarter was up 84.3% on a year-over-year basis. On average, equities analysts anticipate that Micron Technology will post 8.31 EPS for the current year.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MU. Ameritas Advisory Services LLC raised its holdings in Micron Technology by 1.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after buying an additional 98 shares during the last quarter. Stonebrook Private Inc. raised its stake in shares of Micron Technology by 4.2% during the third quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock valued at $255,000 after acquiring an additional 98 shares during the last quarter. LRI Investments LLC boosted its holdings in shares of Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares during the period. John G Ullman & Associates Inc. grew its stake in shares of Micron Technology by 2.5% in the third quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock worth $421,000 after purchasing an additional 100 shares during the last quarter. Finally, Cornerstone Wealth Group LLC increased its holdings in Micron Technology by 5.6% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock valued at $257,000 after purchasing an additional 103 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.