Micron Technology (NASDAQ:MU)‘s stock had its “buy” rating reiterated by stock analysts at Mizuho in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. They currently have a $63.00 price target on the semiconductor manufacturer’s stock, up from their prior price target of $60.00. Mizuho’s price objective points to a potential upside of 22.28% from the stock’s current price.
Other analysts also recently issued research reports about the company. Wedbush downgraded Micron Technology from an “outperform” rating to a “neutral” rating and raised their price objective for the stock from $51.00 to $55.00 in a research note on Wednesday, June 10th. They noted that the move was a valuation call. Raymond James reaffirmed a “buy” rating on shares of Micron Technology in a research note on Friday, March 27th. BMO Capital Markets downgraded Micron Technology from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $60.00 to $55.00 in a research note on Tuesday, June 23rd. Piper Sandler dropped their price objective on Micron Technology from $56.00 to $48.00 in a research note on Thursday, March 26th. Finally, Evercore ISI reiterated a “buy” rating and set a $75.00 target price on shares of Micron Technology in a report on Thursday, May 28th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Micron Technology presently has an average rating of “Buy” and an average target price of $63.26.
MU stock opened at $51.52 on Monday. The business’s fifty day moving average is $48.40 and its 200-day moving average is $50.07. The company has a quick ratio of 1.85, a current ratio of 2.74 and a debt-to-equity ratio of 0.15. The company has a market cap of $57.30 billion, a P/E ratio of 25.51, a price-to-earnings-growth ratio of 2.12 and a beta of 1.61. Micron Technology has a twelve month low of $31.13 and a twelve month high of $61.19.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Monday, June 29th. The semiconductor manufacturer reported $0.82 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.11. The business had revenue of $5.44 billion for the quarter, compared to the consensus estimate of $5.05 billion. Micron Technology had a return on equity of 7.16% and a net margin of 11.72%. The firm’s revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.05 EPS. Research analysts anticipate that Micron Technology will post 2.23 earnings per share for the current fiscal year.
In other news, SVP April S. Arnzen sold 2,542 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $45.00, for a total value of $114,390.00. Following the completion of the transaction, the senior vice president now owns 73,054 shares in the company, valued at approximately $3,287,430. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.18% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of MU. Norges Bank bought a new position in Micron Technology during the fourth quarter worth about $651,802,000. Viking Global Investors LP bought a new position in Micron Technology during the first quarter worth about $282,293,000. Sanders Capital LLC grew its holdings in Micron Technology by 36.3% during the first quarter. Sanders Capital LLC now owns 25,218,470 shares of the semiconductor manufacturer’s stock worth $1,196,628,000 after purchasing an additional 6,711,318 shares during the period. Capital International Investors grew its holdings in Micron Technology by 76.1% during the fourth quarter. Capital International Investors now owns 11,342,270 shares of the semiconductor manufacturer’s stock worth $609,987,000 after purchasing an additional 4,902,150 shares during the period. Finally, Assenagon Asset Management S.A. grew its holdings in Micron Technology by 339.3% during the first quarter. Assenagon Asset Management S.A. now owns 5,350,930 shares of the semiconductor manufacturer’s stock worth $225,060,000 after purchasing an additional 4,132,981 shares during the period. Institutional investors and hedge funds own 80.06% of the company’s stock.
About Micron Technology
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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