Micron Technology (NASDAQ:MU) Now Covered by Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Micron Technology (NASDAQ:MU) in a report issued on Tuesday, TipRanks reports. The firm issued a buy rating and a $63.00 price objective on the semiconductor manufacturer’s stock.

A number of other brokerages have also recently commented on MU. Goldman Sachs Group cut shares of Micron Technology from a buy rating to a neutral rating and dropped their target price for the company from $60.00 to $49.00 in a report on Monday, April 13th. Longbow Research boosted their target price on shares of Micron Technology from $67.00 to $69.00 and gave the company a buy rating in a report on Tuesday, January 21st. Morgan Stanley dropped their target price on shares of Micron Technology from $73.00 to $52.50 and set an overweight rating on the stock in a report on Wednesday, March 18th. KeyCorp dropped their target price on shares of Micron Technology from $63.00 to $48.00 and set an overweight rating on the stock in a report on Tuesday, March 24th. Finally, Cascend Securities boosted their target price on shares of Micron Technology from $65.00 to $70.00 and gave the company a buy rating in a report on Friday, January 31st. Three research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-four have issued a buy rating to the stock. Micron Technology has a consensus rating of Buy and an average target price of $60.98.

NASDAQ:MU opened at $44.94 on Tuesday. The stock has a market cap of $49.98 billion, a P/E ratio of 22.25, a price-to-earnings-growth ratio of 2.45 and a beta of 1.64. The firm’s fifty day simple moving average is $45.26 and its 200 day simple moving average is $49.68. Micron Technology has a twelve month low of $31.13 and a twelve month high of $61.19. The company has a quick ratio of 1.85, a current ratio of 2.74 and a debt-to-equity ratio of 0.15.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.08. Micron Technology had a net margin of 11.72% and a return on equity of 7.16%. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.69 billion. During the same quarter in the previous year, the business posted $1.71 EPS. The company’s quarterly revenue was down 17.7% on a year-over-year basis. On average, analysts expect that Micron Technology will post 1.86 EPS for the current fiscal year.

In other news, SVP April S. Arnzen sold 2,542 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $45.00, for a total transaction of $114,390.00. Following the completion of the sale, the senior vice president now owns 73,054 shares of the company’s stock, valued at approximately $3,287,430. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP April S. Arnzen sold 4,441 shares of the company’s stock in a transaction dated Thursday, March 26th. The shares were sold at an average price of $45.00, for a total transaction of $199,845.00. Following the sale, the senior vice president now directly owns 75,596 shares of the company’s stock, valued at approximately $3,401,820. The disclosure for this sale can be found here. In the last three months, insiders sold 11,383 shares of company stock valued at $555,135. 0.18% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clarius Group LLC grew its stake in shares of Micron Technology by 2.5% during the 4th quarter. Clarius Group LLC now owns 8,312 shares of the semiconductor manufacturer’s stock valued at $467,000 after acquiring an additional 201 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of Micron Technology by 15.6% during the 1st quarter. Parkside Financial Bank & Trust now owns 1,620 shares of the semiconductor manufacturer’s stock valued at $68,000 after acquiring an additional 219 shares during the period. Glassman Wealth Services grew its stake in shares of Micron Technology by 65.6% during the 1st quarter. Glassman Wealth Services now owns 593 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 235 shares during the period. Lindbrook Capital LLC grew its stake in shares of Micron Technology by 17.2% during the 1st quarter. Lindbrook Capital LLC now owns 1,638 shares of the semiconductor manufacturer’s stock valued at $69,000 after acquiring an additional 240 shares during the period. Finally, Ausdal Financial Partners Inc. grew its stake in shares of Micron Technology by 2.0% during the 1st quarter. Ausdal Financial Partners Inc. now owns 12,504 shares of the semiconductor manufacturer’s stock valued at $543,000 after acquiring an additional 245 shares during the period. 78.73% of the stock is owned by hedge funds and other institutional investors.

About Micron Technology

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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