Micron Technology’s (MU) Buy Rating Reaffirmed at Sanford C. Bernstein

Sanford C. Bernstein reissued their buy rating on shares of Micron Technology (NASDAQ:MU) in a report published on Tuesday, TipRanks reports. The firm currently has a $70.00 target price on the semiconductor manufacturer’s stock.

A number of other research firms have also recently weighed in on MU. Piper Sandler upped their price target on shares of Micron Technology from $48.00 to $51.00 and gave the stock a neutral rating in a research note on Tuesday. Barclays lowered their price target on shares of Micron Technology from $70.00 to $60.00 and set an overweight rating on the stock in a research note on Thursday, March 26th. UBS Group lowered their price target on shares of Micron Technology from $70.00 to $66.00 and set a buy rating on the stock in a research note on Tuesday, May 26th. Wedbush reaffirmed a neutral rating and set a $55.00 price target on shares of Micron Technology in a research note on Tuesday. Finally, Citigroup reaffirmed a sell rating on shares of Micron Technology in a research note on Thursday, May 28th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $63.42.

Shares of Micron Technology stock opened at $51.52 on Tuesday. The company has a market cap of $57.30 billion, a P/E ratio of 25.51, a PEG ratio of 2.12 and a beta of 1.61. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.85 and a current ratio of 2.74. Micron Technology has a one year low of $31.13 and a one year high of $61.19. The firm has a fifty day moving average of $48.40 and a two-hundred day moving average of $50.07.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Monday, June 29th. The semiconductor manufacturer reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.11. The company had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $5.05 billion. Micron Technology had a net margin of 11.72% and a return on equity of 7.16%. Micron Technology’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.05 EPS. As a group, equities analysts predict that Micron Technology will post 2.23 earnings per share for the current year.

In related news, SVP April S. Arnzen sold 2,542 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $45.00, for a total value of $114,390.00. Following the transaction, the senior vice president now owns 73,054 shares in the company, valued at $3,287,430. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.18% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its stake in shares of Micron Technology by 87.6% during the fourth quarter. Envestnet Asset Management Inc. now owns 295,190 shares of the semiconductor manufacturer’s stock valued at $15,875,000 after purchasing an additional 137,846 shares during the period. IBM Retirement Fund raised its stake in shares of Micron Technology by 53.2% during the first quarter. IBM Retirement Fund now owns 28,367 shares of the semiconductor manufacturer’s stock valued at $1,193,000 after purchasing an additional 9,846 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Micron Technology by 19.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 119,939 shares of the semiconductor manufacturer’s stock worth $5,045,000 after buying an additional 19,534 shares in the last quarter. Artemis Investment Management LLP grew its position in shares of Micron Technology by 45.0% during the first quarter. Artemis Investment Management LLP now owns 2,120,800 shares of the semiconductor manufacturer’s stock worth $89,343,000 after buying an additional 658,617 shares in the last quarter. Finally, Commerce Bank grew its position in shares of Micron Technology by 23.4% during the first quarter. Commerce Bank now owns 56,303 shares of the semiconductor manufacturer’s stock worth $2,368,000 after buying an additional 10,661 shares in the last quarter. Institutional investors 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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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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