Micron Technology (MU) Given New $65.00 Price Target at Nomura
Micron Technology (NASDAQ:MU) had its price target lowered by Nomura from $100.00 to $65.00 in a report released on Friday, The Fly reports. Nomura currently has a buy rating on the semiconductor manufacturer’s stock.
Several other brokerages have also recently issued reports on MU. Rosenblatt Securities raised their target price on Micron Technology to $120.00 in a research report on Thursday, June 21st. BidaskClub cut Micron Technology from a strong-buy rating to a buy rating in a research report on Tuesday, June 19th. Zacks Investment Research raised Micron Technology from a hold rating to a buy rating and set a $67.00 target price on the stock in a research report on Thursday, May 24th. Stifel Nicolaus raised their target price on Micron Technology to $108.00 and gave the stock a buy rating in a research report on Thursday, June 21st. Finally, MKM Partners raised their target price on Micron Technology to $77.00 and gave the stock a buy rating in a research report on Thursday, June 21st. Three analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $67.80.
Micron Technology stock opened at $44.74 on Friday. 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 has a one year low of $34.09 and a one year high of $64.66. The firm has a market cap of $51.89 billion, a P/E ratio of 3.79, a price-to-earnings-growth ratio of 0.53 and a beta of 1.63.
In related news, SVP Steven L. Thorsen, Jr. sold 40,000 shares of Micron Technology 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 sale, the senior vice president now owns 126,990 shares of the company’s stock, valued at approximately $6,995,879.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert E. Switz sold 75,000 shares of Micron Technology stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $53.34, for a total value of $4,000,500.00. Following the sale, the director now directly owns 120,257 shares in the company, valued at approximately $6,414,508.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,000 shares of company stock worth $7,604,100. Insiders own 0.53% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of MU. Brasada Capital Management LP raised its stake in Micron Technology by 100.0% during the 1st quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $104,000 after purchasing an additional 1,000 shares during the period. Clearwater Capital Advisors LLC bought a new stake in Micron Technology during the 1st quarter valued at approximately $104,000. Tradewinds Capital Management LLC raised its stake in Micron Technology by 411.8% during the 2nd quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock valued at $105,000 after purchasing an additional 1,606 shares during the period. Credit Agricole S A raised its stake in Micron Technology by 199,900.0% during the 2nd quarter. Credit Agricole S A now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $105,000 after purchasing an additional 1,999 shares during the period. Finally, Avestar Capital LLC raised its stake in Micron Technology by 7,994.3% during the 1st quarter. Avestar Capital LLC now owns 2,833 shares of the semiconductor manufacturer’s stock valued at $129,000 after purchasing an additional 2,798 shares during the period. 74.00% of the stock is currently owned by institutional investors.
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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