Micron Technology (NASDAQ:MU) Updates Q4 Earnings Guidance

Micron Technology (NASDAQ:MU) issued an update on its fourth quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $0.95-1.15 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.80. The company issued revenue guidance of $5.75-6.25 billion, compared to the consensus revenue estimate of $5.51 billion.Micron Technology also updated its Q4 2020
After-Hours guidance to 0.95-1.15 EPS.

Shares of MU traded up $0.66 during trading on Monday, reaching $49.15. The company’s stock had a trading volume of 24,237,294 shares, compared to its average volume of 27,497,451. The company has a fifty day moving average of $48.38 and a two-hundred day moving average of $50.06. Micron Technology has a twelve month low of $31.13 and a twelve month high of $61.19. The company has a market cap of $54.14 billion, a price-to-earnings ratio of 24.33, a P/E/G ratio of 2.12 and a beta of 1.61. The company has a quick ratio of 1.85, a current ratio of 2.74 and a debt-to-equity ratio of 0.15.

A number of equities analysts have issued reports on MU shares. UBS Group cut their target price on Micron Technology from $70.00 to $66.00 and set a buy rating on the stock in a research report on Tuesday, May 26th. Credit Suisse Group reissued a buy rating on shares of Micron Technology in a research report on Friday. Piper Sandler dropped their price target on Micron Technology from $56.00 to $48.00 in a research report on Thursday, March 26th. Raymond James reissued a buy rating on shares of Micron Technology in a research report on Friday, March 27th. Finally, Cowen reissued an outperform rating and set a $65.00 price target (down from $70.00) on shares of Micron Technology in a research report on Thursday, March 26th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $62.79.

In other Micron Technology news, SVP April S. Arnzen sold 2,542 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $45.00, for a total value of $114,390.00. Following the transaction, the senior vice president now directly owns 73,054 shares of the company’s stock, valued at approximately $3,287,430. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.18% 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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