Micron Technology, Inc. (MU) Stock Rating Reaffirmed by Needham & Company LLC

Micron Technology, Inc. (NASDAQ:MU)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research note issued to investors on Wednesday. They currently have a $33.00 price target on the semiconductor manufacturer’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 46.80% from the company’s previous close.

Several other equities analysts have also weighed in on the company. Mizuho reaffirmed a “buy” rating and issued a $27.00 price objective on shares of Micron Technology in a research note on Monday. Vetr upgraded Micron Technology from a “buy” rating to a “strong-buy” rating and set a $24.93 target price on the stock in a report on Monday. Argus raised their target price on Micron Technology from $22.00 to $28.00 and gave the company a “buy” rating in a report on Saturday, December 31st. Brean Capital reiterated a “buy” rating on shares of Micron Technology in a report on Friday, December 30th. Finally, Barclays PLC reiterated an “overweight” rating and set a $26.00 target price on shares of Micron Technology in a report on Monday, December 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $21.94.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Micron Technology (NASDAQ:MU) traded up 1.16% during midday trading on Wednesday, hitting $22.74. The stock had a trading volume of 17,486,212 shares. Micron Technology has a 12-month low of $9.31 and a 12-month high of $23.64. The company’s market cap is $23.65 billion. The company has a 50-day moving average price of $20.67 and a 200-day moving average price of $16.93.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 21st. The semiconductor manufacturer reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.04. The business had revenue of $3.97 billion for the quarter. Micron Technology had a positive return on equity of 0.81% and a negative net margin of 2.32%. The business’s revenue for the quarter was up 18.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 earnings per share. Equities analysts anticipate that Micron Technology will post $2.44 EPS for the current year.

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In other Micron Technology news, VP Brian Shirley sold 90,580 shares of the business’s stock in a transaction dated Friday, January 6th. The stock was sold at an average price of $22.09, for a total value of $2,000,912.20. Following the transaction, the vice president now owns 403,872 shares in the company, valued at $8,921,532.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Scott J. Deboer sold 48,780 shares of the business’s stock in a transaction dated Thursday, December 22nd. The shares were sold at an average price of $23.00, for a total value of $1,121,940.00. Following the completion of the transaction, the vice president now owns 238,982 shares in the company, valued at approximately $5,496,586. The disclosure for this sale can be found here. Corporate insiders own 0.69% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Micron Technology by 2.2% in the second quarter. Vanguard Group Inc. now owns 78,613,946 shares of the semiconductor manufacturer’s stock worth $1,081,728,000 after buying an additional 1,688,493 shares during the period. Primecap Management Co. CA increased its position in shares of Micron Technology by 3.3% in the second quarter. Primecap Management Co. CA now owns 59,025,600 shares of the semiconductor manufacturer’s stock worth $812,192,000 after buying an additional 1,882,584 shares during the period. Donald Smith & CO. Inc. increased its position in shares of Micron Technology by 4.3% in the second quarter. Donald Smith & CO. Inc. now owns 15,249,832 shares of the semiconductor manufacturer’s stock worth $209,838,000 after buying an additional 629,193 shares during the period. Winslow Capital Management LLC purchased a new position in shares of Micron Technology during the third quarter worth approximately $200,253,000. Finally, BlackRock Group LTD increased its position in shares of Micron Technology by 1.0% in the second quarter. BlackRock Group LTD now owns 10,881,114 shares of the semiconductor manufacturer’s stock worth $149,724,000 after buying an additional 105,230 shares during the period. Hedge funds and other institutional investors own 79.68% of the company’s stock.

About Micron Technology

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