Raymond James Raises Micron Technology (NASDAQ:MU) Price Target to $160.00

Micron Technology (NASDAQ:MUFree Report) had its price objective upped by Raymond James from $130.00 to $160.00 in a research note released on Friday, Benzinga reports. The brokerage currently has an outperform rating on the semiconductor manufacturer’s stock.

Several other equities analysts have also weighed in on MU. Piper Sandler increased their price objective on shares of Micron Technology from $95.00 to $130.00 and gave the company an overweight rating in a report on Thursday, March 21st. Morgan Stanley upgraded shares of Micron Technology from an underweight rating to an equal weight rating and increased their target price for the stock from $98.00 to $130.00 in a report on Monday, May 20th. Barclays increased their target price on shares of Micron Technology from $120.00 to $145.00 and gave the stock an overweight rating in a report on Monday, May 13th. Wedbush increased their target price on shares of Micron Technology from $130.00 to $170.00 and gave the stock an outperform rating in a report on Tuesday, June 18th. Finally, Needham & Company LLC increased their target price on shares of Micron Technology from $100.00 to $120.00 and gave the stock a buy rating in a report on Thursday, March 21st. Two analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $147.32.

Read Our Latest Stock Analysis on MU

Micron Technology Price Performance

MU opened at $139.54 on Friday. Micron Technology has a one year low of $60.50 and a one year high of $157.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.74 and a quick ratio of 2.40. The company’s 50 day simple moving average is $125.90 and its 200-day simple moving average is $104.34. The stock has a market capitalization of $154.52 billion, a P/E ratio of -40.45 and a beta of 1.21.

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total transaction of $941,990.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $96,762,423.93. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total value of $941,990.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $96,762,423.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sumit Sadana sold 13,239 shares of Micron Technology stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the completion of the sale, the executive vice president now owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The disclosure for this sale can be found here. In the last 90 days, insiders sold 275,446 shares of company stock worth $33,324,533. 0.32% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MU. Tidemark LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at approximately $25,000. DecisionPoint Financial LLC acquired a new position in shares of Micron Technology in the 1st quarter valued at approximately $25,000. Pingora Partners LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at approximately $26,000. Frank Rimerman Advisors LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at approximately $29,000. Finally, Valued Wealth Advisors LLC raised its position in shares of Micron Technology by 230.7% in the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

About Micron Technology

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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.

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