Micron Technology (NASDAQ:MU) Updates Q4 Earnings Guidance

Micron Technology (NASDAQ:MU) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share guidance of $0.95-1.15 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.80. The company issued revenue guidance of $5.75-6.25 billion, compared to the consensus revenue estimate of $5.51 billion.Micron Technology also updated its Q4 2020
After-Hours guidance to 0.95-1.15 EPS.

A number of brokerages have commented on MU. Credit Suisse Group reiterated a buy rating on shares of Micron Technology in a report on Friday. Barclays reduced their target price on shares of Micron Technology from $70.00 to $60.00 and set an overweight rating for the company in a report on Thursday, March 26th. Wells Fargo & Co boosted their target price on shares of Micron Technology from $55.00 to $65.00 and gave the stock an overweight rating in a report on Friday, June 19th. Citigroup restated a sell rating on shares of Micron Technology in a research note on Thursday, May 28th. Finally, Goldman Sachs Group lowered Micron Technology from a buy rating to a neutral rating and dropped their price target for the stock from $60.00 to $49.00 in a research note on Monday, April 13th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $62.79.

NASDAQ MU traded up $0.66 during trading hours on Monday, reaching $49.15. The stock had a trading volume of 24,237,294 shares, compared to its average volume of 27,497,451. The stock has a fifty day moving average of $48.38 and a 200 day moving average of $50.06. The stock has a market cap of $54.14 billion, a P/E ratio of 24.33, a price-to-earnings-growth ratio of 2.12 and a beta of 1.61. Micron Technology has a 52-week low of $31.13 and a 52-week high of $61.19. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.85 and a current ratio of 2.74.

In other Micron Technology news, SVP April S. Arnzen sold 2,542 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $45.00, for a total value of $114,390.00. Following the sale, the senior vice president now owns 73,054 shares in the company, valued at approximately $3,287,430. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.18% of the stock is owned by corporate insiders.

About Micron Technology

Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.

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