Micron Technology (NASDAQ:MU) Earns “Buy” Rating from Credit Suisse Group

Credit Suisse Group reiterated their buy rating on shares of Micron Technology (NASDAQ:MU) in a research note issued to investors on Thursday morning, TipRanks reports. They currently have a $90.00 target price on the semiconductor manufacturer’s stock.

Several other equities analysts also recently commented on MU. Piper Jaffray Companies increased their target price on shares of Micron Technology from $46.00 to $56.00 and gave the stock a neutral rating in a research report on Thursday. Raymond James restated a hold rating on shares of Micron Technology in a report on Monday, September 30th. Goldman Sachs Group reaffirmed a buy rating and issued a $66.00 price target (up previously from $59.00) on shares of Micron Technology in a research report on Thursday. They noted that the move was a valuation call. Cowen upped their price target on Micron Technology from $46.00 to $50.00 and gave the stock a market perform rating in a research note on Thursday. Finally, BMO Capital Markets increased their price objective on Micron Technology from $50.00 to $60.00 and gave the company an outperform rating in a report on Wednesday, September 25th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $60.55.

MU stock opened at $55.06 on Thursday. The company has a quick ratio of 1.78, a current ratio of 2.56 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $60.43 billion, a price-to-earnings ratio of 8.95 and a beta of 1.96. Micron Technology has a 12 month low of $28.39 and a 12 month high of $55.93. The firm has a 50 day moving average of $48.25 and a two-hundred day moving average of $44.30.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $0.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.01. The company had revenue of $5.14 billion for the quarter, compared to analyst estimates of $4.78 billion. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. Micron Technology’s quarterly revenue was down 35.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.97 EPS. On average, research analysts expect that Micron Technology will post 2.25 EPS for the current fiscal year.

In other news, SVP April S. Arnzen sold 2,477 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $48.47, for a total transaction of $120,060.19. Following the completion of the transaction, the senior vice president now owns 72,431 shares of the company’s stock, valued at $3,510,730.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Patrick J. Byrne sold 23,264 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $43.27, for a total transaction of $1,006,633.28. Following the completion of the sale, the director now owns 97,739 shares of the company’s stock, valued at approximately $4,229,166.53. The disclosure for this sale can be found here. Insiders sold 54,527 shares of company stock valued at $2,636,490 over the last three months. 0.18% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in MU. Price T Rowe Associates Inc. MD increased its stake in Micron Technology by 56.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 29,459,631 shares of the semiconductor manufacturer’s stock valued at $1,136,847,000 after acquiring an additional 10,672,909 shares during the period. Renaissance Technologies LLC raised its holdings in Micron Technology by 154.2% in the 2nd quarter. Renaissance Technologies LLC now owns 9,735,914 shares of the semiconductor manufacturer’s stock valued at $375,709,000 after acquiring an additional 5,905,239 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Micron Technology by 508.8% in the 2nd quarter. Nuveen Asset Management LLC now owns 4,993,986 shares of the semiconductor manufacturer’s stock worth $192,717,000 after acquiring an additional 4,173,660 shares during the period. Viking Global Investors LP lifted its position in shares of Micron Technology by 180.9% in the 2nd quarter. Viking Global Investors LP now owns 6,431,167 shares of the semiconductor manufacturer’s stock worth $248,179,000 after acquiring an additional 4,141,275 shares during the period. Finally, Platinum Investment Management Ltd. grew its holdings in shares of Micron Technology by 95.9% during the 2nd quarter. Platinum Investment Management Ltd. now owns 5,021,110 shares of the semiconductor manufacturer’s stock worth $193,765,000 after purchasing an additional 2,458,645 shares in the last quarter. 77.30% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Company Profile

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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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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