Micron Technology (NASDAQ:MU) Earns “Outperform” Rating from Wedbush

Micron Technology (NASDAQ:MU)‘s stock had its “outperform” rating reiterated by Wedbush in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $140.00 price target on the semiconductor manufacturer’s stock. Wedbush’s target price suggests a potential upside of 29.32% from the company’s current price.

A number of other brokerages have also issued reports on MU. Morgan Stanley boosted their target price on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. KeyCorp cut their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, October 8th. Robert W. Baird decreased their target price on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating for the company in a report on Friday, September 27th. Citigroup cut their price target on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Finally, UBS Group decreased their price objective on shares of Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $108.26 on Tuesday. The firm’s 50-day simple moving average is $103.68 and its 200 day simple moving average is $109.24. The stock has a market cap of $120.61 billion, a P/E ratio of 159.21 and a beta of 1.16. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. Micron Technology has a fifty-two week low of $78.63 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business’s revenue for the quarter was up 93.3% on a year-over-year basis. During the same quarter last year, the business earned ($1.21) earnings per share. Equities analysts expect that Micron Technology will post 8.31 EPS for the current year.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. Dantai Capital Ltd lifted its holdings in shares of Micron Technology by 25.0% during the third quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock valued at $2,380,000 after acquiring an additional 4,590 shares during the period. Franklin Resources Inc. increased its position in shares of Micron Technology by 4.6% during the 3rd quarter. Franklin Resources Inc. now owns 7,283,124 shares of the semiconductor manufacturer’s stock worth $789,054,000 after purchasing an additional 321,955 shares in the last quarter. Peapack Gladstone Financial Corp lifted its holdings in Micron Technology by 3.2% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock valued at $1,359,000 after purchasing an additional 411 shares during the last quarter. Synovus Financial Corp boosted its position in Micron Technology by 58.8% in the third quarter. Synovus Financial Corp now owns 21,859 shares of the semiconductor manufacturer’s stock valued at $2,267,000 after buying an additional 8,095 shares in the last quarter. Finally, Tidal Investments LLC grew its stake in Micron Technology by 0.4% during the third quarter. Tidal Investments LLC now owns 106,840 shares of the semiconductor manufacturer’s stock worth $11,080,000 after buying an additional 420 shares during the last quarter. 80.84% of the stock is 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.