Micron Technology Rating Reiterated by Macquarie (MU)
Micron Technology (NYSE:MU)‘s stock had its “hold” rating restated by research analysts at Macquarie in a report released on Friday, Analyst Ratings.Net reports. They currently have a $28.00 target price on the stock. Macquarie’s target price points to a potential upside of 24.00% from the stock’s previous close.
Micron Technology (NYSE:MU) traded down 2.50% during mid-day trading on Friday, hitting $22.015. The stock had a trading volume of 53,508,412 shares. Micron Technology has a one year low of $9.06 and a one year high of $25.68. The stock has a 50-day moving average of $24.22 and a 200-day moving average of $21.26. The company has a market cap of $23.336 billion and a price-to-earnings ratio of 9.12.
Micron Technology (NYSE:MU) last posted its quarterly earnings results on Thursday, April 3rd. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. The company had revenue of $4.11 billion for the quarter, compared to the consensus estimate of $3.98 billion. During the same quarter in the previous year, the company posted ($0.28) earnings per share. The company’s revenue for the quarter was up 97.6% on a year-over-year basis. On average, analysts predict that Micron Technology will post $3.00 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Topeka Capital Markets raised their price target on shares of Micron Technology to $27.00 in a research note on Friday. Separately, analysts at Needham & Company LLC raised their price target on shares of Micron Technology from $34.00 to $40.00 in a research note on Friday. They now have a “buy” rating on the stock. Finally, analysts at Piper Jaffray initiated coverage on shares of Micron Technology in a research note on Friday. They set an “overweight” rating and a $30.00 price target on the stock. Four analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Micron Technology has a consensus rating of “Hold” and a consensus price target of $25.13.
In other Micron Technology news, Director Mercedes Johnson sold 8,000 shares of Micron Technology stock on the open market in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $23.87, for a total value of $190,960.00. Following the transaction, the director now directly owns 100,242 shares in the company, valued at approximately $2,392,777. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Micron Technology, Inc, is a global manufacturer and marketer of semiconductor devices, principally NAND Flash, DRAM and NOR Flash memory, as well as other memory technologies, packaging solutions and semiconductor systems for use in computing, consumer, networking, automotive, industrial, embedded and mobile products.
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