Bank of America Raises Micron Technology (NASDAQ:MU) Price Target to $140.00

Micron Technology (NASDAQ:MU) had its price target upped by equities research analysts at Bank of America from $84.00 to $140.00 in a report released on Thursday. The brokerage presently has a “neutral” rating on the semiconductor manufacturer’s stock. Bank of America‘s target price suggests a potential upside of 10.02% from the company’s previous close.

Other analysts also recently issued reports about the company. Stifel Nicolaus upped their price objective on Micron Technology from $130.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday. KeyCorp raised their price objective on Micron Technology from $135.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday. Morgan Stanley decreased their target price on Micron Technology from $112.00 to $98.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. TD Cowen lifted their price target on shares of Micron Technology from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Wells Fargo & Company boosted their price objective on shares of Micron Technology from $150.00 to $170.00 and gave the stock an “overweight” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $141.83.

Micron Technology Stock Down 0.5%

Shares of NASDAQ:MU opened at $127.25 on Thursday. The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28. The firm has a market cap of $142.21 billion, a price-to-earnings ratio of 30.52 and a beta of 1.28. The stock’s 50-day moving average price is $96.45 and its two-hundred day moving average price is $93.89. Micron Technology has a 12-month low of $61.54 and a 12-month high of $144.07.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion for the quarter, compared to analysts’ expectations of $8.83 billion. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. During the same period last year, the company earned $0.62 earnings per share. On average, research analysts forecast that Micron Technology will post 6.08 EPS for the current year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the transaction, the executive vice president now directly owns 186,353 shares of the company’s stock, valued at $20,498,830. This trade represents a 9.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 2,290 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $120.31, for a total transaction of $275,509.90. Following the completion of the sale, the chief executive officer now directly owns 384,885 shares of the company’s stock, valued at $46,305,514.35. The trade was a 0.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,404 shares of company stock worth $4,130,167 in the last 90 days. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently bought and sold shares of MU. Sunbeam Capital Management LLC bought a new position in Micron Technology during the 4th quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology in the 1st quarter valued at approximately $33,000. Curio Wealth LLC acquired a new stake in shares of Micron Technology during the 4th quarter valued at approximately $34,000. AllSquare Wealth Management LLC lifted its stake in Micron Technology by 100.0% during the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock worth $35,000 after purchasing an additional 200 shares during the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new position in Micron Technology in the first quarter worth $36,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Company Profile

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.