Micron Technology (NASDAQ:MU) Rating Reiterated by Rosenblatt Securities

Micron Technology (NASDAQ:MU)‘s stock had its “buy” rating restated by investment analysts at Rosenblatt Securities in a report issued on Monday, TipRanks reports. They presently have a $100.00 price target on the semiconductor manufacturer’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 94.10% from the company’s previous close.

A number of other research analysts have also recently issued reports on MU. BidaskClub cut shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, April 25th. Morgan Stanley lifted their price target on shares of Micron Technology from $52.50 to $63.00 and gave the company an “overweight” rating in a research report on Tuesday, June 16th. Bank of America lifted their price target on shares of Micron Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. UBS Group lowered their price target on shares of Micron Technology from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Tuesday, May 26th. Finally, KeyCorp lifted their price target on shares of Micron Technology from $48.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, May 27th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Micron Technology currently has an average rating of “Buy” and an average target price of $63.26.

Shares of NASDAQ:MU opened at $51.52 on Monday. The stock has a market cap of $57.30 billion, a PE ratio of 25.51, a PEG ratio of 2.12 and a beta of 1.61. Micron Technology has a 52 week low of $31.13 and a 52 week 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. The company’s fifty day moving average is $48.40 and its 200 day moving average is $50.07.

Micron Technology (NASDAQ:MU) last announced its earnings results on Monday, June 29th. The semiconductor manufacturer reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.11. The firm had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.05 billion. Micron Technology had a net margin of 11.72% and a return on equity of 7.16%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.05 EPS. Sell-side analysts anticipate that Micron Technology will post 2.23 EPS for the current year.

In other news, SVP April S. Arnzen sold 2,542 shares of the business’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 73,054 shares of the company’s stock, valued at $3,287,430. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. grew its position in Micron Technology by 87.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 295,190 shares of the semiconductor manufacturer’s stock valued at $15,875,000 after buying an additional 137,846 shares during the period. IBM Retirement Fund grew its position in Micron Technology by 53.2% during the first quarter. IBM Retirement Fund now owns 28,367 shares of the semiconductor manufacturer’s stock valued at $1,193,000 after buying an additional 9,846 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in Micron Technology by 19.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 119,939 shares of the semiconductor manufacturer’s stock valued at $5,045,000 after buying an additional 19,534 shares during the period. Artemis Investment Management LLP grew its position in Micron Technology by 45.0% during the first quarter. Artemis Investment Management LLP now owns 2,120,800 shares of the semiconductor manufacturer’s stock valued at $89,343,000 after buying an additional 658,617 shares during the period. Finally, Commerce Bank grew its position in Micron Technology by 23.4% during the first quarter. Commerce Bank now owns 56,303 shares of the semiconductor manufacturer’s stock valued at $2,368,000 after buying an additional 10,661 shares during the period. Institutional investors own 80.06% of the company’s stock.

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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