Micron Technology (NASDAQ:MU) Shares Gap Up Following Analyst Upgrade

Micron Technology, Inc. (NASDAQ:MU)’s stock price gapped up before the market opened on Monday after Cantor Fitzgerald raised their price target on the stock from $700.00 to $1,500.00. The stock had previously closed at $864.01, but opened at $938.27. Cantor Fitzgerald currently has an overweight rating on the stock. Micron Technology shares last traded at $929.0830, with a volume of 13,428,315 shares traded.

Several other brokerages have also issued reports on MU. Susquehanna lifted their price objective on shares of Micron Technology from $600.00 to $1,750.00 and gave the company a “positive” rating in a report on Friday, May 29th. Wells Fargo & Company lifted their price objective on shares of Micron Technology from $470.00 to $550.00 and gave the company an “overweight” rating in a report on Thursday, March 19th. Weiss Ratings reissued a “buy (b)” rating on shares of Micron Technology in a report on Tuesday, May 12th. Morgan Stanley raised their target price on shares of Micron Technology from $520.00 to $1,050.00 and gave the company an “overweight” rating in a research note on Wednesday, June 3rd. Finally, Erste Group Bank downgraded shares of Micron Technology from a “buy” rating to a “hold” rating in a research note on Thursday, April 2nd. Five analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $668.63.

Insider Activity at Micron Technology

In other news, CEO Sanjay Mehrotra sold 37,439 shares of Micron Technology stock in a transaction 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 completion of the sale, the chief executive officer directly owned 387,064 shares in the company, valued at approximately $371,728,524.32. The trade was a 8.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Sumit Sadana sold 24,000 shares of Micron Technology stock in a transaction on Friday, April 10th. The stock was sold at an average price of $421.35, for a total transaction of $10,112,400.00. Following the sale, the executive vice president owned 224,021 shares of the company’s stock, valued at $94,391,248.35. The trade was a 9.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 146,000 shares of company stock valued at $85,486,715. 0.24% of the stock is currently owned by corporate insiders.

Key Micron Technology News

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.

Institutional Investors Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC raised its holdings in shares of Micron Technology by 18.3% during the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock worth $532,000 after purchasing an additional 976 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in shares of Micron Technology by 21.7% during the second quarter. Sivia Capital Partners LLC now owns 3,528 shares of the semiconductor manufacturer’s stock worth $435,000 after purchasing an additional 628 shares during the last quarter. United Bank purchased a new position in shares of Micron Technology during the second quarter worth $236,000. Schnieders Capital Management LLC. raised its holdings in shares of Micron Technology by 67.9% during the second quarter. Schnieders Capital Management LLC. now owns 16,984 shares of the semiconductor manufacturer’s stock worth $2,093,000 after purchasing an additional 6,867 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Micron Technology by 5.6% during the second quarter. Sei Investments Co. now owns 405,545 shares of the semiconductor manufacturer’s stock worth $49,987,000 after purchasing an additional 21,619 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Trading Up 10.1%

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 company’s fifty day moving average is $617.28 and its 200-day moving average is $439.38. The stock has a market cap of $1.07 trillion, a PE ratio of 45.15 and a beta of 2.15.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, March 18th. The semiconductor manufacturer reported $12.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.19 by $3.01. Micron Technology had a net margin of 41.49% and a return on equity of 41.16%. The firm had revenue of $23.86 billion during the quarter, compared to analysts’ expectations of $19.97 billion. During the same quarter last year, the company posted $1.56 earnings per share. The firm’s revenue was up 196 compared to the same quarter last year. On average, analysts predict that Micron Technology, Inc. will post 58.79 earnings per share for the current fiscal year.

Micron Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, March 30th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. This is a boost from Micron Technology’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Monday, March 30th. Micron Technology’s dividend payout ratio is 2.83%.

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.