Micron Technology (NASDAQ:MU) Trading 0.8% Higher Following Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU)’s stock price was up 0.8% during mid-day trading on Monday after Morgan Stanley raised their price target on the stock from $130.00 to $140.00. Morgan Stanley currently has an equal weight rating on the stock. Micron Technology traded as high as $142.83 and last traded at $140.62. Approximately 10,042,413 shares changed hands during trading, a decline of 49% from the average daily volume of 19,626,387 shares. The stock had previously closed at $139.54.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus raised their price objective on shares of Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Citigroup lifted their price target on Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a report on Monday. StockNews.com raised Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Needham & Company LLC raised their price objective on Micron Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Finally, Wells Fargo & Company upped their target price on Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $153.00.

Insider Buying and Selling

In related news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $111.93, for a total transaction of $783,510.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $80,483,154.57. The disclosure for this sale can be found here. Insiders have sold 304,840 shares of company stock worth $37,961,924 in the last quarter. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

A number of hedge funds have recently made changes to their positions in MU. DecisionPoint Financial LLC bought a new position in Micron Technology during the 1st quarter valued at about $25,000. Valued Wealth Advisors LLC boosted its stake in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares in the last quarter. Tidemark LLC bought a new stake in shares of Micron Technology during the fourth quarter worth $25,000. Pingora Partners LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at $26,000. Finally, Riverview Trust Co bought a new position in shares of Micron Technology in the first quarter valued at about $39,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Trading Up 1.5 %

The company’s 50-day moving average is $126.64 and its 200-day moving average is $105.26. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The firm has a market cap of $156.27 billion, a price-to-earnings ratio of -40.90 and a beta of 1.21.

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.