Goldman Sachs Group upgraded shares of Micron Technology (NASDAQ:MU) from a neutral rating to a buy rating in a research note published on Monday, Benzinga reports. They currently have $58.00 price target on the semiconductor manufacturer’s stock.

Several other equities research analysts have also recently weighed in on the company. Morgan Stanley upped their target price on Micron Technology from $52.50 to $63.00 and gave the stock an overweight rating in a report on Tuesday, June 16th. Evercore ISI restated a buy rating and set a $75.00 price objective on shares of Micron Technology in a research note on Thursday, May 28th. Barclays decreased their price objective on Micron Technology from $60.00 to $55.00 in a research note on Friday, August 14th. JPMorgan Chase & Co. upped their price objective on Micron Technology from $65.00 to $70.00 and gave the stock an overweight rating in a research note on Tuesday, June 30th. Finally, Citigroup restated a sell rating on shares of Micron Technology in a research note on Thursday, May 28th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $61.94.

Shares of MU stock opened at $50.21 on Monday. Micron Technology has a twelve month low of $31.13 and a twelve month high of $61.19. The stock has a market capitalization of $55.78 billion, a price-to-earnings ratio of 25.23, a P/E/G ratio of 1.31 and a beta of 1.35. The stock has a fifty day simple moving average of $46.86 and a two-hundred day simple moving average of $47.06. The company has a current ratio of 2.89, a quick ratio of 2.02 and a debt-to-equity ratio of 0.17.

Micron Technology (NASDAQ:MU) last issued its earnings results on Monday, June 29th. The semiconductor manufacturer reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.11. Micron Technology had a return on equity of 6.31% and a net margin of 11.16%. The business had revenue of $5.44 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the prior year, the business earned $1.05 EPS. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. Research analysts predict that Micron Technology will post 2.5 EPS for the current fiscal year.

In other news, EVP Scott J. Deboer sold 13,695 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $48.34, for a total value of $662,016.30. Following the sale, the executive vice president now owns 142,063 shares in the company, valued at $6,867,325.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott J. Deboer sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $51.79, for a total value of $517,900.00. Following the completion of the sale, the executive vice president now owns 128,368 shares in the company, valued at approximately $6,648,178.72. The disclosure for this sale can be found here. Insiders sold 24,003 shares of company stock worth $1,195,427 over the last three months. Corporate insiders own 0.18% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Baystate Wealth Management LLC boosted its position in Micron Technology by 628.6% during the second quarter. Baystate Wealth Management LLC now owns 510 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 440 shares in the last quarter. CX Institutional boosted its position in Micron Technology by 162.9% during the second quarter. CX Institutional now owns 552 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 342 shares in the last quarter. Glassman Wealth Services lifted its position in shares of Micron Technology by 65.6% in the first quarter. Glassman Wealth Services now owns 593 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 235 shares in the last quarter. RMR Wealth Builders purchased a new position in shares of Micron Technology in the second quarter valued at approximately $31,000. Finally, CNB Bank purchased a new position in shares of Micron Technology in the second quarter valued at approximately $35,000. Institutional investors own 79.66% of the company’s stock.

Micron Technology Company Profile

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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