Micron Spikes On Earnings Beat, Strong Revenue

DRAM and NAND flash memory chip maker Micron Technology (MU) this afternoon reported fiscal Q2 revenue in line with consensus, and profit per share ahead of expectations, and forecast this quarter's results well above consensus, sending its shares surging in late trading. The stock is up 5.97% in this year through last close, and the beta ratio has a value of -1.34. Micron shares topped $28 in after-hours trading Thursday, after closing with a 1.6% increase at $26.47. Brean Capital boosted their price target on Micron Technology from $23.00 to $25.00 and gave the company a buy rating in a report on Monday, December 5th.

Analysts surveyed by FactSet were estimating earnings of 69 cents on revenue of $4.63 billion. Goldman Sachs Group Inc raised Micron Technology from a neutral rating to a buy rating and raised their price target for the stock from $26.00 to $29.00 in a report on Wednesday, March 1st.

Micron Technology said the increase in the company's revenues of 17% for FQ2:17 compared to the FQ1:17 was due primarily to a 21% increase in DRAM average selling prices and an 18% increase in trade NAND sales volumes. Micron Technology presently has a consensus rating of Buy and an average target price of $25.34. Following the completion of the transaction, the vice president now owns 421,690 shares in the company, valued at $10,390,441.60.

While taking a look at financials, we can look at a number of key indicators about Micron Technology, Inc. The stock was sold at an average price of $23.12, for a total value of $630,020.00. The share price has moved forward from its 20 days moving average 5.28% and positively from its 50 days moving average 9.92%. 47,118,274 shares of the company were exchanged. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

The current consensus rating on Micron Technology (NASDAQ:MU) is Buy (Score: 2.91) with a consensus target price of $27.50 per share, a potential 3.89% upside.

In related news, VP Steven L. Thorsen, Jr. sold 126,000 shares of the firm's stock in a transaction on Thursday, February 9th.

Yet another important factor while evaluating a good buy/sell decision for Micron Technology, Inc. The disclosure for this sale can be found here. This was higher than $0.01 billion, or $0.01 per share, in last year's second quarter. (MU) . Average true range (ATR-14) of the company is at 0.70. Capstone Asset Management Co. raised its stake in Micron Technology by 2.7% in the third quarter. Insiders sold 243,830 shares of company stock valued at $5,735,572 in the last three months. Hedge funds and other institutional investors own 81.43% of the company's stock.

  • Zachary Reyes