Needham & Company LLC Boosts Micron Technology (NASDAQ:MU) Price Target to $70.00

Micron Technology (NASDAQ:MU) had its price target lifted by research analysts at Needham & Company LLC from $63.00 to $70.00 in a report released on Tuesday, AnalystRatings.com reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Needham & Company LLC’s price target indicates a potential upside of 42.44% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. Raymond James reissued a “buy” rating on shares of Micron Technology in a research report on Friday, March 27th. Piper Sandler decreased their target price on shares of Micron Technology from $56.00 to $48.00 in a research note on Thursday, March 26th. Morgan Stanley boosted their price objective on Micron Technology from $52.50 to $63.00 and gave the company an “overweight” rating in a research report on Tuesday, June 16th. Evercore ISI reissued a “buy” rating and issued a $75.00 target price on shares of Micron Technology in a report on Thursday, May 28th. Finally, BMO Capital Markets cut shares of Micron Technology from an “outperform” rating to a “market perform” rating and cut their target price for the company from $60.00 to $55.00 in a research note on Tuesday, June 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $64.28.

Shares of NASDAQ:MU opened at $49.15 on Tuesday. The stock’s fifty day moving average price is $48.38 and its 200-day moving average price is $50.06. Micron Technology has a 1 year low of $31.13 and a 1 year high of $61.19. The company has a market cap of $54.66 billion, a P/E ratio of 24.33, a PEG ratio of 2.12 and a beta of 1.61. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.74 and a quick ratio of 1.85.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Monday, June 29th. The semiconductor manufacturer reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.32. The firm had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5.05 billion. Micron Technology had a net margin of 11.72% and a return on equity of 7.16%. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.05 EPS. On average, sell-side analysts anticipate that Micron Technology will post 2.23 earnings per share for the current year.

In other Micron Technology news, SVP April S. Arnzen sold 2,542 shares of the company’s stock in a transaction on 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 owns 73,054 shares of the company’s stock, valued at approximately $3,287,430. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of MU. State Street Corp increased its position in shares of Micron Technology by 0.3% during the first quarter. State Street Corp now owns 47,878,360 shares of the semiconductor manufacturer’s stock worth $2,013,764,000 after acquiring an additional 132,089 shares during the period. Sanders Capital LLC grew its stake in Micron Technology by 36.3% in the first quarter. Sanders Capital LLC now owns 25,218,470 shares of the semiconductor manufacturer’s stock worth $1,196,628,000 after purchasing an additional 6,711,318 shares in the last quarter. Wellington Management Group LLP increased its holdings in Micron Technology by 0.7% during the 1st quarter. Wellington Management Group LLP now owns 18,610,473 shares of the semiconductor manufacturer’s stock worth $782,756,000 after purchasing an additional 124,973 shares during the period. Geode Capital Management LLC increased its holdings in Micron Technology by 3.6% during the 1st quarter. Geode Capital Management LLC now owns 16,941,710 shares of the semiconductor manufacturer’s stock worth $711,161,000 after purchasing an additional 588,296 shares during the period. Finally, Capital International Investors raised its position in Micron Technology by 40.7% during the 1st quarter. Capital International Investors now owns 15,956,303 shares of the semiconductor manufacturer’s stock valued at $671,123,000 after purchasing an additional 4,614,033 shares in the last quarter. 80.06% of the stock is owned by hedge funds and other institutional investors.

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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