why Micron Technology Inc. [MU] is a Good Choice for Investors After New Price Target of $64.17

Micron Technology Inc. [NASDAQ: MU] traded at a low on 01/13/23, posting a -0.59 loss after which it closed the day’ session at $56.93. The company report on January 10, 2023 that Micron DDR5 Delivers Increased Performance and Reliability for the 4th Gen Intel® Xeon® Scalable Processor Family.

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Micron DDR5 improves workloads across the data center today while enabling future infrastructure growth.

The results of the trading session contributed to over 12509652 shares changing hands. Over the past one week, the price volatility of Micron Technology Inc. stands at 2.67% while the volatility over the past one month is 3.08%.

The market cap for MU stock reached $62.49 billion, with 1.09 billion shares outstanding and 1.09 billion shares in the current float. Compared to the average trading volume of 16.75M shares, MU reached a trading volume of 12509652 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Micron Technology Inc. [MU]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MU shares is $64.17 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MU stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Argus have made an estimate for Micron Technology Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on December 30, 2022. While these analysts kept the previous recommendation, UBS dropped their target price from $75 to $70. The new note on the price target was released on December 22, 2022, representing the official price target for Micron Technology Inc. stock. Previously, the target price had yet another drop from $54 to $52, while Stifel kept a Hold rating on MU stock. On December 22, 2022, analysts decreased their price target for MU shares from 49 to 46.

The Average True Range (ATR) for Micron Technology Inc. is set at 1.95, with the Price to Sales ratio for MU stock in the period of the last 12 months amounting to 2.30. The Price to Book ratio for the last quarter was 1.26, with the Price to Cash per share for the same quarter was set at 9.64. Price to Free Cash Flow for MU in the course of the last twelve months was 135.85 with Quick ratio for the last quarter at 2.20.

How has MU stock performed recently?

Micron Technology Inc. [MU] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.28. With this latest performance, MU shares gained by 3.06% in over the last four-week period, additionally sinking by -7.48% over the last 6 months – not to mention a drop of -40.14% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MU stock in for the last two-week period is set at 59.68, with the RSI for the last a single of trading hit 64.41, and the three-weeks RSI is set at 56.27 for Micron Technology Inc. [MU]. The present Moving Average for the last 50 days of trading for this stock 55.29, while it was recorded at 57.17 for the last single week of trading, and 60.15 for the last 200 days.

Micron Technology Inc. [MU]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Micron Technology Inc. [MU] shares currently have an operating margin of +31.76 and a Gross Margin at +45.36. Micron Technology Inc.’s Net Margin is presently recorded at +28.24.

Return on Equity for this stock inclined to 18.51, with Return on Assets sitting at 13.88.

Micron Technology Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.20 and a Current Ratio set at 3.50.

Insider trade positions for Micron Technology Inc. [MU]

There are presently around $48,811 million, or 82.40% of MU stock, in the hands of institutional investors. The top three institutional holders of MU stocks are: VANGUARD GROUP INC with ownership of 91,605,706, which is approximately 0.178% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 83,297,539 shares of the stock with an approximate value of $4.74 billion in MU stocks shares; and CAPITAL RESEARCH GLOBAL INVESTORS, currently with $2.7 billion in MU stock with ownership of nearly 24.983% of the company’s market capitalization.

Positions in Micron Technology Inc. stocks held by institutional investors increased at the end of December and at the time of the December reporting period, where 553 institutional holders increased their position in Micron Technology Inc. [NASDAQ:MU] by around 68,837,124 shares. Additionally, 660 investors decreased positions by around 90,033,828 shares, while 188 investors held positions by with 698,516,346 shares. The mentioned changes placed institutional holdings at 857,387,298 shares, according to the latest SEC report filing. MU stock had 123 new institutional investments in for a total of 21,292,664 shares, while 161 institutional investors sold positions of 10,049,423 shares during the same period.


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