Needham & Company LLC Reaffirms “Buy” Rating for Micron Technology, Inc. (MU)
Micron Technology, Inc. (NASDAQ:MU)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report issued on Wednesday. They presently have a $33.00 target price on the semiconductor manufacturer’s stock. Needham & Company LLC’s target price points to a potential upside of 46.80% from the company’s current price.
Other equities research analysts also recently issued research reports about the company. Susquehanna set a $24.00 price target on Micron Technology and gave the stock a “buy” rating in a report on Sunday, December 18th. Cowen and Company upped their price target on Micron Technology from $23.00 to $26.00 and gave the stock an “outperform” rating in a report on Thursday, December 22nd. Instinet reiterated a “buy” rating and set a $28.00 price target (up previously from $25.00) on shares of Micron Technology in a report on Monday, December 26th. Nomura upped their price target on Micron Technology from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Wednesday, November 30th. Finally, Loop Capital began coverage on Micron Technology in a report on Tuesday, December 13th. They set a “hold” rating and a $25.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-eight have given a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $21.94.
Shares of Micron Technology (NASDAQ:MU) traded up 1.268% during trading on Wednesday, reaching $22.765. 18,236,284 shares of the company were exchanged. The company has a 50 day moving average price of $20.67 and a 200-day moving average price of $16.93. The stock’s market capitalization is $23.68 billion. Micron Technology has a one year low of $9.31 and a one year high of $23.64.
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Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, December 21st. The semiconductor manufacturer reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.04. Micron Technology had a positive return on equity of 0.81% and a negative net margin of 2.32%. The business earned $3.97 billion during the quarter. During the same quarter last year, the company posted $0.24 EPS. The company’s quarterly revenue was up 18.5% compared to the same quarter last year. Equities analysts predict that Micron Technology will post $2.44 EPS for the current year.
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In related news, VP Scott J. Deboer sold 48,780 shares of the firm’s stock in a transaction that occurred on Thursday, December 22nd. The stock was sold at an average price of $23.00, for a total transaction of $1,121,940.00. Following the completion of the transaction, the vice president now owns 238,982 shares of the company’s stock, valued at approximately $5,496,586. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Brian Shirley sold 90,580 shares of the firm’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $22.09, for a total value of $2,000,912.20. Following the transaction, the vice president now directly owns 403,872 shares of the company’s stock, valued at approximately $8,921,532.48. The disclosure for this sale can be found here. 0.69% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Winslow Capital Management LLC bought a new position in Micron Technology during the third quarter worth $200,253,000. Standard Life Investments LTD bought a new position in Micron Technology during the second quarter worth $89,591,000. CI Investments Inc. bought a new position in Micron Technology during the second quarter worth $86,285,000. Schroder Investment Management Group bought a new position in Micron Technology during the third quarter worth $72,061,000. Finally, Capital Growth Management LP bought a new position in Micron Technology during the third quarter worth $63,297,000. 79.68% of the stock is owned by institutional investors.
About Micron Technology
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