Micron Technology’s (NASDAQ:MU) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Micron Technology, Inc. (NASDAQ:MU) in a report published on Friday, June 30th. Needham & Company LLC currently has a $50.00 target price on the semiconductor manufacturer’s stock.

“Micron posted another beat and raise quarter driven by DRAM pricing (up 14% Q/Q) and NAND unit shipments (up 17% Q/Q). We believe that memory is an integral part of AI (Autonomous Driving, Cloud Computing, Mobile ML, etc.) and expect a continued strong ASPs environment as D>S (15%-20% DRAM growth and “high-30% to low-40% NAND growth in CY17”). Importantly we believe that MU is executing well on technology transitions, creating a steepening of the cost curve.”,” the firm’s analyst commented.

Several other equities analysts have also recently issued reports on MU. Stifel Nicolaus boosted their target price on Micron Technology from $34.00 to $40.00 and gave the stock a buy rating in a research report on Thursday, March 2nd. Wells Fargo & Company reissued an outperform rating and set a $32.50 price target (down previously from $35.00) on shares of Micron Technology in a research note on Thursday, March 2nd. They noted that the move was a valuation call. Cowen and Company boosted their price target on Micron Technology from $33.00 to $34.00 and gave the stock an outperform rating in a research note on Friday, March 3rd. Credit Suisse Group reissued a buy rating and set a $30.00 price target on shares of Micron Technology in a research note on Friday, March 3rd. Finally, Rosenblatt Securities reissued a buy rating and set a $40.00 price target on shares of Micron Technology in a research note on Sunday, March 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $35.65.

Micron Technology (MU) opened at 29.28 on Friday. The company has a market capitalization of $32.50 billion, a P/E ratio of 12.86 and a beta of 1.78. Micron Technology has a one year low of $13.02 and a one year high of $32.96. The stock’s 50 day moving average price is $31.05 and its 200 day moving average price is $27.58.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, June 29th. The semiconductor manufacturer reported $1.62 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.37 by $0.25. The firm had revenue of $5.57 billion for the quarter, compared to analysts’ expectations of $5.41 billion. Micron Technology had a return on equity of 19.05% and a net margin of 14.66%. The firm’s revenue for the quarter was up 92.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.08) EPS. Equities analysts anticipate that Micron Technology will post $4.71 EPS for the current fiscal year.

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In other Micron Technology news, SVP Brian Shirley sold 27,250 shares of Micron Technology stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $31.54, for a total value of $859,465.00. Following the transaction, the senior vice president now owns 292,211 shares in the company, valued at $9,216,334.94. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP April S. Arnzen sold 1,000 shares of Micron Technology stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $27.85, for a total transaction of $27,850.00. Following the completion of the transaction, the vice president now owns 53,542 shares in the company, valued at approximately $1,491,144.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,250 shares of company stock worth $1,356,235. 0.69% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC raised its position in Micron Technology by 1,515.2% in the fourth quarter. Renaissance Technologies LLC now owns 844,736 shares of the semiconductor manufacturer’s stock worth $18,517,000 after buying an additional 792,436 shares in the last quarter. GSA Capital Partners LLP raised its stake in shares of Micron Technology by 161.4% in the fourth quarter. GSA Capital Partners LLP now owns 48,609 shares of the semiconductor manufacturer’s stock worth $1,066,000 after buying an additional 30,015 shares during the period. First Republic Investment Management Inc. bought a new stake in shares of Micron Technology during the fourth quarter worth about $223,000. Numeric Investors LLC bought a new stake in shares of Micron Technology during the fourth quarter worth about $6,697,000. Finally, Norges Bank bought a new stake in shares of Micron Technology during the fourth quarter worth about $217,749,000. 80.11% of the stock is owned by hedge funds and other institutional investors.

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