Wells Fargo & Company Issues Positive Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price target upped by Wells Fargo & Company from $130.00 to $150.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the semiconductor manufacturer’s stock.

A number of other research analysts have also issued reports on MU. China Renaissance lowered Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a research report on Wednesday, March 26th. Barclays reduced their price target on shares of Micron Technology from $115.00 to $95.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Wedbush upped their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday. JPMorgan Chase & Co. cut their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Finally, Morgan Stanley decreased their target price on shares of Micron Technology from $112.00 to $98.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $130.80.

Micron Technology Price Performance

Shares of MU stock opened at $123.60 on Friday. The firm has a fifty day moving average of $93.13 and a two-hundred day moving average of $93.40. The firm has a market cap of $138.13 billion, a P/E ratio of 29.64 and a beta of 1.28. Micron Technology has a 1-year low of $61.54 and a 1-year high of $144.07. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99.

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

Insider Buying and Selling

In other news, EVP Scott J. Deboer sold 20,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the transaction, the executive vice president now owns 164,769 shares in the company, valued at $15,847,482.42. This represents a 8.34% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 52,404 shares of company stock worth $5,572,867. 0.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MU. Voya Investment Management LLC grew its holdings in Micron Technology by 21.6% in the 1st quarter. Voya Investment Management LLC now owns 2,956,411 shares of the semiconductor manufacturer’s stock valued at $256,701,000 after buying an additional 525,596 shares during the last quarter. Strs Ohio acquired a new stake in Micron Technology in the 1st quarter worth $57,628,000. SWS Partners increased its holdings in shares of Micron Technology by 2.5% during the 1st quarter. SWS Partners now owns 21,529 shares of the semiconductor manufacturer’s stock worth $1,871,000 after purchasing an additional 531 shares during the period. Westbourne Investments Inc. raised its position in shares of Micron Technology by 555.9% during the first quarter. Westbourne Investments Inc. now owns 17,590 shares of the semiconductor manufacturer’s stock valued at $1,528,000 after buying an additional 14,908 shares during the last quarter. Finally, Focus Partners Wealth lifted its stake in shares of Micron Technology by 312.1% in the first quarter. Focus Partners Wealth now owns 138,878 shares of the semiconductor manufacturer’s stock valued at $12,067,000 after buying an additional 105,178 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.