Micron Technology (NASDAQ:MU) Price Target Raised to $1,220.00 at Wells Fargo & Company

Micron Technology (NASDAQ:MU) had its price objective boosted by equities researchers at Wells Fargo & Company from $550.00 to $1,220.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 27.81% from the company’s previous close.

A number of other research analysts also recently issued reports on MU. Melius Research began coverage on shares of Micron Technology in a research report on Monday, April 27th. They issued a “buy” rating and a $700.00 price objective on the stock. Sanford C. Bernstein lifted their price objective on shares of Micron Technology from $330.00 to $510.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 18th. TD Cowen lifted their price objective on shares of Micron Technology from $550.00 to $660.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Stifel Nicolaus lifted their price objective on shares of Micron Technology from $360.00 to $550.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Finally, Citigroup lifted their price objective on shares of Micron Technology from $425.00 to $840.00 and gave the stock a “buy” rating in a research report on Tuesday, May 19th. Five analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $690.97.

Micron Technology Stock Up 10.5%

NASDAQ MU traded up $90.55 during trading on Monday, reaching $954.56. 33,912,750 shares of the company’s stock traded hands, compared to its average volume of 43,824,938. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.90 and a quick ratio of 2.32. The firm has a market cap of $1.08 trillion, a price-to-earnings ratio of 45.14 and a beta of 2.15. The company’s 50 day simple moving average is $617.28 and its two-hundred day simple moving average is $439.38. Micron Technology has a 12-month low of $103.38 and a 12-month high of $1,089.29.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, March 18th. The semiconductor manufacturer reported $12.20 EPS for the quarter, beating analysts’ consensus estimates of $9.19 by $3.01. Micron Technology had a net margin of 41.49% and a return on equity of 41.16%. The business had revenue of $23.86 billion for the quarter, compared to the consensus estimate of $19.97 billion. During the same quarter last year, the firm posted $1.56 EPS. The company’s revenue for the quarter was up 196 on a year-over-year basis. As a group, sell-side analysts forecast that Micron Technology will post 58.79 EPS for the current fiscal year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Steven J. Gomo sold 2,000 shares of Micron Technology stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $787.03, for a total transaction of $1,574,060.00. Following the completion of the sale, the director directly owned 17,139 shares in the company, valued at approximately $13,488,907.17. The trade was a 10.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 37,439 shares of Micron Technology stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $960.38, for a total transaction of $35,955,666.82. Following the sale, the chief executive officer owned 387,064 shares of the company’s stock, valued at approximately $371,728,524.32. The trade was a 8.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 146,000 shares of company stock valued at $85,486,715. 0.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Micron Technology by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 106,608,094 shares of the semiconductor manufacturer’s stock worth $30,427,016,000 after acquiring an additional 1,954,644 shares in the last quarter. State Street Corp increased its holdings in Micron Technology by 2.1% in the 4th quarter. State Street Corp now owns 52,749,817 shares of the semiconductor manufacturer’s stock worth $15,061,310,000 after acquiring an additional 1,090,644 shares in the last quarter. Capital International Investors increased its holdings in Micron Technology by 0.7% in the 3rd quarter. Capital International Investors now owns 23,372,821 shares of the semiconductor manufacturer’s stock worth $3,910,198,000 after acquiring an additional 155,860 shares in the last quarter. Norges Bank purchased a new stake in Micron Technology in the 4th quarter worth $6,433,456,000. Finally, Morgan Stanley increased its holdings in Micron Technology by 5.1% in the 4th quarter. Morgan Stanley now owns 16,396,655 shares of the semiconductor manufacturer’s stock worth $4,679,771,000 after acquiring an additional 794,289 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Micron Technology

Here are the key news stories impacting Micron Technology this week:

• Positive Sentiment: Cantor Fitzgerald raised its price target on Micron to $1,500 from $700 and reiterated an overweight rating, signaling substantial upside potential for the stock.
• Positive Sentiment: Wells Fargo also boosted its target on Micron to $1,220 from $550 while maintaining a Buy rating, adding to the bullish Wall Street backdrop.
• Positive Sentiment: Analysts say the memory trade remains strong, with long-term supply agreements improving earnings visibility and supporting the view that demand for memory chips is still healthy.
• Positive Sentiment: Micron is rebounding alongside other AI and semiconductor names after the prior week’s sector pullback, helped by renewed buying in memory-stock names such as Western Digital and SanDisk.
• Positive Sentiment: Recent commentary tied Micron’s move to continued strength in AI-related demand, including news that rival SK Hynix’s deal with Nvidia reinforced optimism around the broader memory-chip cycle.
• Neutral Sentiment: Some articles raised concerns about semiconductor cyclicality and whether AI demand could eventually cool, but these worries have not outweighed the current bullish sentiment.
• Negative Sentiment: Micron is also coming off a steep decline last week, and the stock remains vulnerable to volatility if investors rotate out of high-flying AI names again.

About Micron Technology

Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.

Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.