Micron Technology, Inc. (NASDAQ:MU) has received an average recommendation of “Buy” from the thirty-four analysts that are presently covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $70.95.

MU has been the subject of a number of research analyst reports. BidaskClub cut Micron Technology from a “hold” rating to a “sell” rating in a research report on Friday, August 17th. JPMorgan Chase & Co. upped their target price on Micron Technology from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Thursday, June 21st. Rosenblatt Securities upped their target price on Micron Technology to $120.00 in a research report on Thursday, June 21st. Royal Bank of Canada decreased their target price on Micron Technology from $83.00 to $70.00 and set an “outperform” rating for the company in a research report on Tuesday, September 11th. Finally, Goldman Sachs Group cut Micron Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $68.00 to $50.00 in a research report on Wednesday, September 12th.

In other news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of the stock in a transaction that occurred on Friday, July 20th. The stock was sold at an average price of $55.09, for a total transaction of $2,203,600.00. Following the completion of the transaction, the senior vice president now directly owns 126,990 shares of the company’s stock, valued at approximately $6,995,879.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert E. Switz sold 75,000 shares of the stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $53.34, for a total value of $4,000,500.00. Following the transaction, the director now directly owns 120,257 shares of the company’s stock, valued at $6,414,508.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,000 shares of company stock valued at $7,604,100. Company insiders own 0.53% of the company’s stock.

Several hedge funds have recently modified their holdings of MU. Senator Investment Group LP purchased a new position in Micron Technology in the 2nd quarter valued at approximately $140,277,000. Amundi Pioneer Asset Management Inc. increased its stake in Micron Technology by 47.5% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 6,078,300 shares of the semiconductor manufacturer’s stock valued at $316,921,000 after purchasing an additional 1,958,119 shares in the last quarter. Point72 Asset Management L.P. increased its stake in Micron Technology by 632.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 2,027,604 shares of the semiconductor manufacturer’s stock valued at $106,328,000 after purchasing an additional 1,750,604 shares in the last quarter. Natixis increased its stake in Micron Technology by 345.7% in the 2nd quarter. Natixis now owns 2,028,745 shares of the semiconductor manufacturer’s stock valued at $106,388,000 after purchasing an additional 1,573,549 shares in the last quarter. Finally, Parnassus Investments CA increased its stake in Micron Technology by 40.0% in the 2nd quarter. Parnassus Investments CA now owns 4,900,000 shares of the semiconductor manufacturer’s stock valued at $256,956,000 after purchasing an additional 1,400,000 shares in the last quarter. 74.00% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:MU traded up $1.54 on Friday, hitting $45.12. 905,042 shares of the company’s stock were exchanged, compared to its average volume of 37,911,320. The stock has a market cap of $51.38 billion, a P/E ratio of 10.12, a P/E/G ratio of 0.51 and a beta of 1.63. Micron Technology has a 1-year low of $34.09 and a 1-year high of $64.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.06 and a current ratio of 2.63.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 20th. The semiconductor manufacturer reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.13 by $0.02. The firm had revenue of $7.80 billion during the quarter, compared to analysts’ expectations of $7.76 billion. Micron Technology had a return on equity of 51.12% and a net margin of 43.35%. The business’s revenue was up 40.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.62 EPS. equities research analysts predict that Micron Technology will post 11.56 EPS for the current year.

Micron Technology declared that its Board of Directors has initiated a share repurchase program on Monday, May 21st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 16.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

About Micron Technology

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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