Cowen Analysts Give Micron Technology (MU) a $53.00 Price Target

Cowen set a $53.00 price objective on Micron Technology (NASDAQ:MU) in a research note issued to investors on Wednesday. The firm currently has a buy rating on the semiconductor manufacturer’s stock.

Other equities analysts also recently issued reports about the stock. Goldman Sachs Group set a $55.00 target price on shares of Micron Technology and gave the stock a buy rating in a report on Thursday, January 11th. Stifel Nicolaus restated a buy rating and set a $75.00 target price (up from $65.00) on shares of Micron Technology in a report on Wednesday, December 20th. They noted that the move was a valuation call. Vetr upgraded shares of Micron Technology from a hold rating to a buy rating and set a $50.20 target price on the stock in a report on Tuesday, November 21st. Morgan Stanley lowered their target price on shares of Micron Technology from $55.00 to $54.00 and set an overweight rating on the stock in a report on Tuesday, February 6th. Finally, Mizuho restated a buy rating and set a $55.00 target price (up from $50.00) on shares of Micron Technology in a report on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $55.80.

Micron Technology (MU) opened at $44.54 on Wednesday. The firm has a market cap of $51,500.00, a price-to-earnings ratio of 7.01, a P/E/G ratio of 0.44 and a beta of 1.62. Micron Technology has a fifty-two week low of $22.64 and a fifty-two week high of $49.89. The company has a current ratio of 2.39, a quick ratio of 1.83 and a debt-to-equity ratio of 0.33.

Micron Technology (NASDAQ:MU) last issued its earnings results on Tuesday, December 19th. The semiconductor manufacturer reported $2.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.85 by $0.60. The business had revenue of $6.80 billion for the quarter, compared to the consensus estimate of $6.43 billion. Micron Technology had a net margin of 32.77% and a return on equity of 41.87%. The firm’s revenue for the quarter was up 71.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 earnings per share. analysts anticipate that Micron Technology will post 10.12 EPS for the current year.

In other news, SVP April S. Arnzen sold 27,878 shares of the business’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $44.27, for a total value of $1,234,159.06. Following the completion of the sale, the senior vice president now owns 58,659 shares of the company’s stock, valued at $2,596,833.93. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert L. Bailey sold 3,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $41.38, for a total transaction of $124,140.00. Following the completion of the sale, the director now directly owns 116,699 shares of the company’s stock, valued at approximately $4,829,004.62. The disclosure for this sale can be found here. Over the last quarter, insiders sold 174,692 shares of company stock worth $7,473,967. Corporate insiders own 0.53% of the company’s stock.

Several institutional investors have recently made changes to their positions in MU. Robeco Institutional Asset Management B.V. lifted its position in Micron Technology by 4.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 569,690 shares of the semiconductor manufacturer’s stock worth $22,406,000 after purchasing an additional 26,119 shares during the period. APG Asset Management N.V. lifted its position in Micron Technology by 6.3% during the third quarter. APG Asset Management N.V. now owns 925,645 shares of the semiconductor manufacturer’s stock worth $36,406,000 after purchasing an additional 55,200 shares during the period. CAPROCK Group Inc. bought a new stake in Micron Technology during the third quarter worth about $202,000. Fox Run Management L.L.C. lifted its position in Micron Technology by 283.6% during the third quarter. Fox Run Management L.L.C. now owns 28,000 shares of the semiconductor manufacturer’s stock worth $1,101,000 after purchasing an additional 20,700 shares during the period. Finally, Xact Kapitalforvaltning AB lifted its position in Micron Technology by 2.1% during the third quarter. Xact Kapitalforvaltning AB now owns 179,598 shares of the semiconductor manufacturer’s stock worth $7,064,000 after purchasing an additional 3,725 shares during the period. 81.34% of the stock is owned by institutional investors.

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Micron Technology Company Profile

Micron Technology, Inc is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. Its business segments include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

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