The Goldman Sachs Group Begins Coverage on Micron Technology (NASDAQ:MU)

Research analysts at The Goldman Sachs Group assumed coverage on shares of Micron Technology (NASDAQ:MU) in a research report issued on Thursday, MarketBeat.com reports. The brokerage set a “neutral” rating and a $130.00 price target on the semiconductor manufacturer’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 4.39% from the company’s current price.

A number of other research firms also recently weighed in on MU. Raymond James Financial raised their price target on shares of Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, June 26th. Royal Bank Of Canada set a $125.00 price target on Micron Technology in a research report on Wednesday, March 19th. Citigroup upped their price target on Micron Technology from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. China Renaissance downgraded Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price objective on the stock. in a research note on Wednesday, March 26th. Finally, Needham & Company LLC upped their target price on Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $146.44.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $124.53 on Thursday. The stock has a market cap of $139.36 billion, a price-to-earnings ratio of 22.44 and a beta of 1.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. Micron Technology has a 12 month low of $61.54 and a 12 month high of $135.35. The stock’s 50 day moving average price is $108.03 and its 200 day moving average price is $95.92.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same period in the previous year, the firm earned $0.62 earnings per share. Equities research analysts anticipate that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total transaction of $291,557.12. Following the sale, the director directly owned 22,550 shares of the company’s stock, valued at $2,734,864. The trade was a 9.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the transaction, the executive vice president owned 148,167 shares of the company’s stock, valued at $18,538,655.04. The trade was a 9.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 254,446 shares of company stock worth $31,154,717 in the last ninety days. 0.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MU. Norges Bank acquired a new position in Micron Technology in the 4th quarter valued at $1,470,875,000. Capital World Investors raised its stake in Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares in the last quarter. FMR LLC raised its position in shares of Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after buying an additional 12,249,341 shares in the last quarter. Capital Research Global Investors lifted its stake in Micron Technology by 139.7% during the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares during the last quarter. Finally, Capital International Investors raised its holdings in shares of Micron Technology by 36.3% during the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock worth $1,383,442,000 after buying an additional 4,375,232 shares in the last quarter. 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.