TD Cowen Forecasts Strong Price Appreciation for Micron Technology (NASDAQ:MU) Stock

Micron Technology (NASDAQ:MU) had its target price raised by research analysts at TD Cowen from $125.00 to $150.00 in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. TD Cowen’s target price would indicate a potential upside of 17.88% from the stock’s previous close.

MU has been the subject of several other reports. Needham & Company LLC raised their target price on shares of Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a research note on Thursday. Wall Street Zen upgraded Micron Technology from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $130.00 target price on shares of Micron Technology in a research note on Friday, March 21st. Citigroup increased their price target on Micron Technology from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Finally, China Renaissance downgraded Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price target for the company. in a report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $129.04.

Micron Technology Trading Down 0.5%

Shares of NASDAQ MU opened at $127.25 on Thursday. The company’s 50 day simple moving average is $96.45 and its 200 day simple moving average is $93.89. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99. Micron Technology has a fifty-two week low of $61.54 and a fifty-two week high of $144.07. The firm has a market capitalization of $142.21 billion, a P/E ratio of 30.52 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a return on equity of 10.87% and a net margin of 14.92%. During the same quarter last year, the business posted $0.62 EPS. On average, analysts predict that Micron Technology will post 6.08 EPS for the current year.

Insiders Place Their Bets

In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the transaction, the executive vice president now owns 186,353 shares of the company’s stock, valued at $20,498,830. This trade represents a 9.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 2,290 shares of the company’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $120.31, for a total value of $275,509.90. Following the completion of the transaction, the chief executive officer now directly owns 384,885 shares of the company’s stock, valued at approximately $46,305,514.35. This represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,404 shares of company stock valued at $4,130,167. Corporate insiders own 0.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. E Fund Management Co. Ltd. raised its holdings in shares of Micron Technology by 31.8% in the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock worth $3,062,000 after purchasing an additional 8,780 shares during the period. CIBC Private Wealth Group LLC raised its stake in shares of Micron Technology by 43.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer’s stock valued at $1,193,000 after buying an additional 4,264 shares during the period. Landscape Capital Management L.L.C. grew its stake in shares of Micron Technology by 167.0% during the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer’s stock worth $3,851,000 after acquiring an additional 28,621 shares during the period. Duquesne Family Office LLC purchased a new stake in Micron Technology in the 4th quarter worth about $34,412,000. Finally, Janus Henderson Group PLC increased its holdings in Micron Technology by 74.6% in the 4th quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer’s stock worth $222,779,000 after acquiring an additional 1,130,680 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.