TD Cowen Issues Positive Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price target lifted by TD Cowen from $125.00 to $150.00 in a report issued on Thursday,Briefing.com Automated Import reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. TD Cowen’s price target points to a potential upside of 17.88% from the stock’s previous close.

A number of other brokerages also recently commented on MU. Robert W. Baird upped their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday, March 21st. Royal Bank Of Canada set a $125.00 price target on shares of Micron Technology in a report on Wednesday, March 19th. Citigroup raised their price objective on shares of Micron Technology from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Wells Fargo & Company upgraded Micron Technology from a “hold” rating to a “strong-buy” rating and boosted their target price for the stock from $130.00 to $150.00 in a research report on Friday, June 20th. Finally, Morgan Stanley reduced their price target 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. One analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.04.

Micron Technology Stock Performance

Shares of MU opened at $127.25 on Thursday. Micron Technology has a 1 year low of $61.54 and a 1 year high of $144.07. The stock has a market capitalization of $142.21 billion, a PE ratio of 30.52 and a beta of 1.28. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.99 and a current ratio of 3.13. The stock has a 50-day simple moving average of $96.45 and a 200-day simple moving average of $93.89.

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

Insider Transactions at Micron Technology

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

Hedge Funds Weigh In On Micron Technology

Several institutional investors have recently bought and sold shares of MU. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology in the fourth quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new position in Micron Technology in the 1st quarter valued at approximately $33,000. Roxbury Financial LLC lifted its position in shares of Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer’s stock worth $37,000 after acquiring an additional 300 shares during the period. Curio Wealth LLC acquired a new stake in shares of Micron Technology during the 4th quarter worth approximately $34,000. Finally, AllSquare Wealth Management LLC increased its position in shares of Micron Technology by 100.0% during the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock valued at $35,000 after purchasing an additional 200 shares during the period. 80.84% of the stock is currently owned by institutional investors.

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.