JPMorgan Chase & Co. Issues Positive Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price objective increased by equities researchers at JPMorgan Chase & Co. from $165.00 to $185.00 in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 48.87% from the company’s current price.

A number of other research firms also recently issued reports on MU. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Micron Technology in a research note on Thursday, July 10th. They issued a “buy” rating and a $150.00 price target for the company. Rosenblatt Securities increased their price target on shares of Micron Technology from $172.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, June 23rd. Susquehanna increased their price target on shares of Micron Technology from $150.00 to $160.00 and gave the stock a “positive” rating in a research note on Thursday, June 26th. Stifel Nicolaus increased their price target on shares of Micron Technology from $130.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. Finally, Arete Research raised Micron Technology to a “strong-buy” rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $147.24.

Micron Technology Stock Performance

NASDAQ:MU opened at $124.27 on Tuesday. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The firm’s fifty day simple moving average is $117.39 and its 200 day simple moving average is $98.60. The stock has a market cap of $139.07 billion, a P/E ratio of 22.39 and a beta of 1.37. Micron Technology has a twelve month low of $61.54 and a twelve month high of $129.85.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The firm had revenue of $9.30 billion during the quarter, compared to analysts’ expectations of $8.83 billion. During the same period last year, the company posted $0.62 EPS. As a group, research analysts predict that Micron Technology will post 6.08 EPS for the current year.

Insiders Place Their Bets

In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of the business’s stock in a transaction dated Friday, June 6th. The stock was 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 owned 186,353 shares of the company’s stock, valued at approximately $20,498,830. The trade was a 9.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the business’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the transaction, the executive vice president directly owned 148,167 shares of the company’s stock, valued at approximately $18,538,655.04. This trade represents a 9.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 286,042 shares of company stock worth $34,679,277 in the last quarter. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently bought and sold shares of the business. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology during the 4th quarter valued at about $26,000. First Command Advisory Services Inc. grew its stake in shares of Micron Technology by 225.0% during the 2nd quarter. First Command Advisory Services Inc. now owns 221 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 153 shares during the period. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology during the 1st quarter valued at about $33,000. AlphaQuest LLC grew its stake in shares of Micron Technology by 13,250.0% during the 2nd quarter. AlphaQuest LLC now owns 267 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 265 shares during the period. Finally, AllSquare Wealth Management LLC lifted its position in shares of Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock valued at $35,000 after buying an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

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.