Instinet Raises Micron Technology, Inc. (MU) Price Target to $30.00

Micron Technology, Inc. (NASDAQ:MU) had its price objective raised by Instinet from $28.00 to $30.00 in a report published on Tuesday morning. Instinet currently has a buy rating on the semiconductor manufacturer’s stock.

Several other brokerages also recently issued reports on MU. Cowen and Company upped their price target on shares of Micron Technology from $19.00 to $21.00 and gave the company a buy rating in a report on Wednesday, October 12th. Mizuho reaffirmed a buy rating and issued a $22.00 price target on shares of Micron Technology in a report on Monday, October 17th. Susquehanna Bancshares Inc reaffirmed a positive rating and issued a $21.00 price target on shares of Micron Technology in a report on Monday, October 17th. Robert W. Baird reaffirmed an outperform rating and issued a $22.00 price target on shares of Micron Technology in a report on Monday, October 24th. Finally, Nomura reaffirmed a buy rating and issued a $23.00 price target on shares of Micron Technology in a report on Friday, November 18th. Six investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $22.91.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Shares of Micron Technology (NASDAQ:MU) opened at 24.05 on Tuesday. Micron Technology has a one year low of $9.35 and a one year high of $25.31. The stock’s 50 day moving average is $23.10 and its 200-day moving average is $18.72. The firm’s market cap is $26.52 billion.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 21st. The semiconductor manufacturer reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.04. The firm had revenue of $3.97 billion for the quarter. Micron Technology had a negative net margin of 2.32% and a positive return on equity of 0.81%. The firm’s quarterly revenue was up 18.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.24 EPS. Analysts anticipate that Micron Technology will post $2.47 EPS for the current fiscal year.

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In other Micron Technology news, VP Brian Shirley sold 90,580 shares of the firm’s stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $22.09, for a total transaction of $2,000,912.20. Following the transaction, the vice president now owns 403,872 shares of the company’s stock, valued at approximately $8,921,532.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Steven L. Thorsen, Jr. sold 126,000 shares of the firm’s stock in a transaction dated Thursday, February 9th. The shares were sold at an average price of $24.64, for a total transaction of $3,104,640.00. Following the transaction, the vice president now directly owns 421,690 shares in the company, valued at approximately $10,390,441.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 265,360 shares of company stock worth $6,227,492. Corporate insiders own 0.69% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in MU. Elkfork Partners LLC bought a new position in Micron Technology during the fourth quarter valued at approximately $1,734,000. Trexquant Investment LP boosted its position in Micron Technology by 23.8% in the fourth quarter. Trexquant Investment LP now owns 157,300 shares of the semiconductor manufacturer’s stock valued at $3,448,000 after buying an additional 30,200 shares during the last quarter. Systematic Financial Management LP bought a new position in Micron Technology during the fourth quarter valued at approximately $30,846,000. Amtrust Financial Services Inc. bought a new position in Micron Technology during the fourth quarter valued at approximately $2,608,000. Finally, TCW Group Inc. boosted its position in Micron Technology by 25.0% in the fourth quarter. TCW Group Inc. now owns 3,905,141 shares of the semiconductor manufacturer’s stock valued at $85,600,000 after buying an additional 779,888 shares during the last quarter. 81.43% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Company Profile

5 Day Chart for NASDAQ:MU

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