Micron Technology, Inc. (MU) Receives “Buy” Rating from Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a report issued on Tuesday morning. The brokerage currently has a $40.00 price target on the semiconductor manufacturer’s stock, up from their previous price target of $34.00.

Several other equities analysts have also recently commented on the stock. Brean Capital raised their target price on shares of Micron Technology from $23.00 to $25.00 and gave the company a buy rating in a research note on Monday, December 5th. Needham & Company LLC reissued a buy rating and set a $33.00 target price on shares of Micron Technology in a research note on Thursday, February 2nd. Vetr raised shares of Micron Technology from a hold rating to a buy rating and set a $25.93 target price on the stock in a research note on Thursday, February 2nd. Summit Redstone raised shares of Micron Technology from a sell rating to a buy rating and raised their target price for the company from $8.00 to $26.00 in a research note on Wednesday, December 21st. Finally, Cowen and Company raised their target price on shares of Micron Technology from $23.00 to $26.00 and gave the company an outperform rating in a research note on Thursday, December 22nd. Three analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and two have given a strong buy rating to the company’s stock. Micron Technology has an average rating of Buy and an average price target of $27.63.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Shares of Micron Technology (NASDAQ:MU) opened at 28.43 on Tuesday. Micron Technology has a one year low of $9.35 and a one year high of $29.87. The stock’s market cap is $31.35 billion. The firm has a 50 day moving average of $24.80 and a 200 day moving average of $20.74.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 23rd. The semiconductor manufacturer reported $0.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.06. Micron Technology had a negative net margin of 2.32% and a positive return on equity of 0.81%. The business had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.65 billion. During the same quarter last year, the company earned $0.01 EPS. The company’s revenue for the quarter was up 58.4% compared to the same quarter last year. On average, equities research analysts predict that Micron Technology will post $3.03 EPS for the current fiscal year.

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In other news, VP Brian Shirley sold 27,250 shares of Micron Technology stock in a transaction that occurred on Wednesday, February 15th. The shares were sold at an average price of $23.12, for a total value of $630,020.00. Following the transaction, the vice president now owns 340,542 shares of the company’s stock, valued at $7,873,331.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Steven L. Thorsen, Jr. sold 126,000 shares of Micron Technology stock in a transaction that occurred on Thursday, February 9th. The shares were sold at an average price of $24.64, for a total transaction of $3,104,640.00. Following the completion of the transaction, the vice president now directly owns 421,690 shares in the company, valued at approximately $10,390,441.60. The disclosure for this sale can be found here. In the last three months, insiders sold 243,830 shares of company stock worth $5,735,572. Insiders own 0.69% of the company’s stock.

Several large investors have recently made changes to their positions in MU. Winslow Capital Management LLC bought a new stake in shares of Micron Technology during the third quarter valued at about $200,253,000. Norges Bank bought a new stake in shares of Micron Technology during the fourth quarter valued at about $217,749,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Micron Technology by 2,047.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,798,500 shares of the semiconductor manufacturer’s stock valued at $149,023,000 after buying an additional 6,481,879 shares during the last quarter. Schroder Investment Management Group bought a new stake in shares of Micron Technology during the third quarter valued at about $72,061,000. Finally, Fred Alger Management Inc. bought a new stake in shares of Micron Technology during the fourth quarter valued at about $82,322,000. Institutional investors and hedge funds own 81.43% of the company’s stock.

About Micron Technology

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