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

Micron Technology (NASDAQ:MU) had its price objective lifted by Wedbush from $130.00 to $150.00 in a research report sent to investors on Friday morning,Benzinga reports. Wedbush currently has an outperform rating on the semiconductor manufacturer’s stock.

Other equities research analysts have also issued reports about the stock. Mizuho increased their target price on shares of Micron Technology from $124.00 to $130.00 and gave the stock an “outperform” rating in a report on Thursday, June 5th. Rosenblatt Securities decreased their price objective on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Friday, March 21st. KGI Securities upgraded Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. Royal Bank Of Canada set a $125.00 price objective on Micron Technology in a research note on Wednesday, March 19th. Finally, Barclays decreased their target price on Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $130.80.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $123.60 on Friday. The firm’s 50 day moving average price is $93.13 and its 200-day moving average price is $93.40. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $138.13 billion, a PE ratio of 29.64 and a beta of 1.28. Micron Technology has a twelve month low of $61.54 and a twelve month high of $144.07.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The company’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 EPS. Equities research analysts expect that Micron Technology will post 6.08 EPS for the current year.

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the transaction, the director now directly owns 24,954 shares in the company, valued at approximately $1,996,320. This represents a 8.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 5,210 shares of the company’s stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $121.35, for a total transaction of $632,233.50. Following the completion of the transaction, the chief executive officer now owns 379,675 shares in the company, valued at $46,073,561.25. This represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,404 shares of company stock valued at $5,572,867. 0.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several large investors have recently modified their holdings of the business. Sunbeam Capital Management LLC acquired a new position in Micron Technology during the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of Micron Technology during the first quarter worth about $33,000. Midwest Capital Advisors LLC purchased a new stake in Micron Technology in the fourth quarter valued at approximately $33,000. Roxbury Financial LLC increased its holdings in 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 buying an additional 300 shares during the period. Finally, Curio Wealth LLC purchased a new position in Micron Technology during the 4th quarter worth approximately $34,000. Institutional investors own 80.84% of the company’s stock.

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.