Micron Technology (NASDAQ:MU) Stock Price Up 4% – Here’s Why

Micron Technology, Inc. (NASDAQ:MU)’s stock price shot up 4% during mid-day trading on Tuesday . The stock traded as high as $127.43 and last traded at $126.95. 8,921,663 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 23,404,589 shares. The stock had previously closed at $122.08.

Wall Street Analyst Weigh In

Several research firms have weighed in on MU. Barclays decreased their price target on shares of Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Citigroup raised their price objective on Micron Technology from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Wall Street Zen raised shares of Micron Technology from a “hold” rating to a “buy” rating in a report on Saturday, June 14th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a report on Friday, March 21st. Finally, Mizuho upped their price target on shares of Micron Technology from $124.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $126.75.

Micron Technology Stock Up 4.4%

The business’s 50 day moving average is $94.15 and its 200 day moving average is $93.42. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28. The company has a market cap of $142.42 billion, a P/E ratio of 30.53 and a beta of 1.28.

Insiders Place Their Bets

In related news, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $110.00, for a total value of $2,200,000.00. Following the completion of the transaction, the executive vice president now directly owns 186,353 shares in the company, valued at $20,498,830. The trade was a 9.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 5,210 shares of the firm’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $121.35, for a total transaction of $632,233.50. Following the sale, the chief executive officer now owns 379,675 shares in the company, valued at approximately $46,073,561.25. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,404 shares of company stock valued at $4,130,167. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. E Fund Management Co. Ltd. boosted its stake in shares of Micron Technology by 31.8% in the fourth quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock worth $3,062,000 after acquiring an additional 8,780 shares during the last quarter. CIBC Private Wealth Group LLC boosted its position in Micron Technology by 43.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer’s stock worth $1,193,000 after acquiring an additional 4,264 shares during the last quarter. Landscape Capital Management L.L.C. grew its stake in Micron Technology by 167.0% during the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer’s stock valued at $3,851,000 after acquiring an additional 28,621 shares in the last quarter. Duquesne Family Office LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at approximately $34,412,000. Finally, Janus Henderson Group PLC increased its stake in shares of Micron Technology by 74.6% in the 4th quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer’s stock worth $222,779,000 after acquiring an additional 1,130,680 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

About Micron Technology

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.