Needham & Company LLC Increases Micron Technology (NASDAQ:MU) Price Target to $70.00

Micron Technology (NASDAQ:MU) had its price objective boosted by Needham & Company LLC from $63.00 to $70.00 in a research note published on Tuesday morning, AnalystRatings.com reports. They currently have a buy rating on the semiconductor manufacturer’s stock.

Other equities research analysts have also issued reports about the stock. Bank of America lifted their price target on shares of Micron Technology from $60.00 to $70.00 and gave the stock a buy rating in a research note on Thursday, May 28th. Mizuho reiterated a buy rating and set a $63.00 price target (up from $60.00) on shares of Micron Technology in a research note on Monday. Wells Fargo & Co lifted their price target on shares of Micron Technology from $55.00 to $65.00 and gave the stock an overweight rating in a research note on Friday, June 19th. Wedbush lowered shares of Micron Technology from an outperform rating to a neutral rating and lifted their price target 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. Finally, Morgan Stanley lifted their price target on shares of Micron Technology from $52.50 to $63.00 and gave the stock an overweight rating in a research note on Tuesday, June 16th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $63.42.

Micron Technology stock opened at $51.52 on Tuesday. The stock has a market cap of $54.66 billion, a P/E ratio of 25.89, a price-to-earnings-growth ratio of 2.15 and a beta of 1.61. The company has a fifty day simple moving average of $48.40 and a 200-day simple moving average of $50.07. Micron Technology has a 12-month low of $31.13 and a 12-month high of $61.19. The company has a current ratio of 2.74, a quick ratio of 1.85 and a debt-to-equity ratio of 0.15.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Monday, June 29th. The semiconductor manufacturer reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.11. The business had revenue of $5.44 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Micron Technology had a net margin of 11.16% and a return on equity of 6.36%. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.05 EPS. As a group, sell-side analysts forecast that Micron Technology will post 2.23 earnings per share for the current fiscal year.

In related news, SVP April S. Arnzen sold 2,542 shares of the business’s stock in a transaction dated Monday, April 27th. The shares were sold at an average price of $45.00, for a total transaction of $114,390.00. Following the sale, the senior vice president now owns 73,054 shares of the company’s stock, valued at $3,287,430. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.18% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Central Bank & Trust Co. purchased a new stake in shares of Micron Technology in the first quarter valued at about $25,000. Glassman Wealth Services lifted its holdings in shares of Micron Technology by 65.6% in the first quarter. Glassman Wealth Services now owns 593 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 235 shares in the last quarter. RMR Wealth Builders purchased a new stake in shares of Micron Technology in the fourth quarter valued at about $27,000. Allred Capital Management LLC lifted its holdings in shares of Micron Technology by 263.8% in the first quarter. Allred Capital Management LLC now owns 633 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 459 shares in the last quarter. Finally, Wealth Quarterback LLC purchased a new stake in shares of Micron Technology in the fourth quarter valued at about $29,000. 80.06% of the stock is currently owned by hedge funds and other institutional investors.

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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