Micron Technology (NASDAQ:MU) Updates Q3 Earnings Guidance
Micron Technology (NASDAQ:MU) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.40-$0.70 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.54. The company issued revenue guidance of $4.6-$5.2 billion, compared to the consensus revenue estimate of $4.88 billion.Micron Technology also updated its Q3 2020
After-Hours guidance to 0.40-0.70 EPS.
Several equities research analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Micron Technology from $73.00 to $52.50 and set an overweight rating on the stock in a research note on Wednesday, March 18th. Deutsche Bank reissued a buy rating and issued a $65.00 target price (up previously from $55.00) on shares of Micron Technology in a research note on Thursday, December 19th. They noted that the move was a valuation call. Credit Suisse Group reissued a buy rating and issued a $90.00 target price on shares of Micron Technology in a research note on Monday. Cleveland Research raised shares of Micron Technology from a neutral rating to a buy rating in a research note on Tuesday, January 14th. Finally, Citigroup increased their target price on shares of Micron Technology from $35.00 to $38.00 and gave the company a sell rating in a research note on Thursday, December 19th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. Micron Technology has a consensus rating of Buy and an average price target of $62.57.
Shares of Micron Technology stock opened at $42.50 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.56 and a quick ratio of 1.78. Micron Technology has a 1 year low of $31.13 and a 1 year high of $61.19. The firm’s 50-day moving average is $50.64 and its two-hundred day moving average is $50.13. The stock has a market cap of $47.95 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 1.99 and a beta of 1.78.
In other Micron Technology news, SVP Joel L. Poppen sold 20,000 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $56.97, for a total transaction of $1,139,400.00. Following the transaction, the senior vice president now directly owns 301,395 shares in the company, valued at approximately $17,170,473.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP April S. Arnzen sold 4,400 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $54.75, for a total transaction of $240,900.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,800 shares of company stock worth $1,644,300. 0.18% of the stock is owned by company insiders.
About Micron Technology
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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