Rosenblatt Securities Reiterates “$80.00” Price Target for Micron Technology (NASDAQ:MU)

Rosenblatt Securities set a $80.00 price target on Micron Technology (NASDAQ:MU) in a research report released on Friday, TipRanks reports. The brokerage currently has a buy rating on the semiconductor manufacturer’s stock.

A number of other brokerages have also recently commented on MU. Sanford C. Bernstein set a $65.00 target price on shares of Micron Technology and gave the company a buy rating in a report on Friday. Wedbush lifted their target price on shares of Micron Technology from $30.00 to $44.00 and gave the company a neutral rating in a report on Friday. KeyCorp lifted their target price on shares of Micron Technology from $58.00 to $59.00 and gave the company an overweight rating in a report on Friday. Deutsche Bank set a $55.00 target price on shares of Micron Technology and gave the company a buy rating in a report on Monday, September 23rd. Finally, Robert W. Baird lifted their target price on shares of Micron Technology from $28.00 to $30.00 and gave the company an underperform rating in a report on Friday. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Micron Technology currently has a consensus rating of Buy and a consensus price target of $53.36.

MU stock traded down $0.36 during midday trading on Friday, reaching $42.85. 28,933,531 shares of the company were exchanged, compared to its average volume of 28,882,568. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.88 and a current ratio of 2.79. Micron Technology has a 1-year low of $28.39 and a 1-year high of $51.39. The stock’s 50-day simple moving average is $46.21 and its 200 day simple moving average is $41.47. The company has a market cap of $47.30 billion, a price-to-earnings ratio of 6.97 and a beta of 1.95.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, September 26th. The semiconductor manufacturer reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.13. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $4.56 billion. Micron Technology had a net margin of 26.97% and a return on equity of 19.99%. The firm’s revenue for the quarter was down 42.3% on a year-over-year basis. During the same quarter last year, the company earned $3.53 earnings per share. On average, research analysts anticipate that Micron Technology will post 2.61 earnings per share for the current year.

In related news, SVP April S. Arnzen sold 4,800 shares of Micron Technology stock in a transaction on Monday, July 15th. The shares were sold at an average price of $45.00, for a total value of $216,000.00. Following the transaction, the senior vice president now directly owns 79,392 shares in the company, valued at approximately $3,572,640. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael W. Bokan sold 20,488 shares of Micron Technology stock in a transaction on Friday, July 19th. The shares were sold at an average price of $45.71, for a total transaction of $936,506.48. Following the completion of the transaction, the senior vice president now owns 43,117 shares in the company, valued at $1,970,878.07. The disclosure for this sale can be found here. Over the last quarter, insiders sold 82,212 shares of company stock worth $3,857,055. 0.20% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of MU. Keybank National Association OH purchased a new stake in shares of Micron Technology during the 1st quarter worth $239,000. First Trust Advisors LP boosted its position in shares of Micron Technology by 5.2% during the 1st quarter. First Trust Advisors LP now owns 2,955,963 shares of the semiconductor manufacturer’s stock worth $122,170,000 after purchasing an additional 145,659 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Micron Technology by 0.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 338,352 shares of the semiconductor manufacturer’s stock worth $13,985,000 after purchasing an additional 2,648 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Micron Technology by 11.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 638,734 shares of the semiconductor manufacturer’s stock worth $26,399,000 after purchasing an additional 65,303 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new stake in shares of Micron Technology during the 1st quarter worth $270,000. Institutional investors own 76.67% of the company’s stock.

Micron Technology Company Profile

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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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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