Noteworthy Price Action: Could Micron Technology, Inc. Change Direction After Making 52-Week High?

Noteworthy Price Action: Could Micron Technology, Inc. Change Direction After Making 52 Week High?

The stock of Micron Technology, Inc. (NASDAQ:MU) hit a new 52-week high and has $23.77 target or 27.00% above today’s $18.72 share price. The 8 months bullish chart indicates low risk for the $20.08 billion company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $23.77 price target is reached, the company will be worth $5.42 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 5.78 million shares traded hands. Micron Technology, Inc. (NASDAQ:MU) has risen 70.63% since April 15, 2016 and is uptrending. It has outperformed by 66.00% the S&P500.

Micron Technology, Inc. (NASDAQ:MU) Ratings Coverage

Out of 33 analysts covering Micron Technology Inc. (NASDAQ:MU), 24 rate it a “Buy”, 2 “Sell”, while 7 “Hold”. This means 73% are positive. Micron Technology Inc. has been the topic of 101 analyst reports since July 29, 2015 according to StockzIntelligence Inc. Stifel Nicolaus maintained Micron Technology, Inc. (NASDAQ:MU) on Friday, July 1 with “Buy” rating. The firm has “Buy” rating by Argus Research given on Wednesday, August 19. The rating was maintained by Standpoint Research with “Buy” on Sunday, August 9. M Partners maintained Micron Technology, Inc. (NASDAQ:MU) rating on Friday, August 14. M Partners has “Neutral” rating and $22.0 price target. The firm has “Outperform” rating given on Tuesday, February 16 by Macquarie Research. The firm has “Outperform” rating given on Wednesday, October 5 by Credit Suisse. The rating was maintained by UBS with “Buy” on Monday, March 21. The stock has “Outperform” rating given by Raymond James on Wednesday, December 23. The stock has “Buy” rating given by Deutsche Bank on Wednesday, October 5. The rating was maintained by Mizuho with “Neutral” on Friday, October 9.

According to Zacks Investment Research, “Micron Technology, Inc. has established itself as one of the leading worldwide providers of semiconductor memory solutions. The company’s quality memory solutions serve customers in a variety of industries including computer and computer-peripheral manufacturing, consumer electronics, CAD/CAM, telecommunications, office automation, network and data processing, and graphics display. The company’s mission is to be the most efficient and innovative global provider of semiconductor memory solutions.”

Insitutional Activity: The institutional sentiment increased to 1.16 in Q2 2016. Its up 0.28, from 0.88 in 2016Q1. The ratio increased, as 60 funds sold all Micron Technology, Inc. shares owned while 185 reduced positions. 95 funds bought stakes while 189 increased positions. They now own 806.79 million shares or 0.87% less from 813.86 million shares in 2016Q1.
The California-based Concert Wealth Management Inc has invested 0.06% in Micron Technology, Inc. (NASDAQ:MU). Kennedy Mngmt has 0.06% invested in the company for 202,504 shares. Eidelman Virant reported 206,250 shares or 1.75% of all its holdings. Natl Planning, a California-based fund reported 17,294 shares. Deutsche Fincl Bank Ag owns 19.14M shares or 0.19% of their US portfolio. California Public Employees Retirement last reported 2.69M shares in the company. Gam Holdg Ag reported 1.06 million shares or 0.23% of all its holdings. Kbc Gp Nv accumulated 66,342 shares or 0.01% of the stock. Ladenburg Thalmann Finance holds 0.01% of its portfolio in Micron Technology, Inc. (NASDAQ:MU) for 62,261 shares. Moreover, Balyasny Asset Management Limited Liability Corporation has 0.14% invested in Micron Technology, Inc. (NASDAQ:MU) for 1.60M shares. The Netherlands-based Shell Asset Management has invested 0.03% in Micron Technology, Inc. (NASDAQ:MU). The Nebraska-based Ameritas Invest Partners has invested 0.03% in Micron Technology, Inc. (NASDAQ:MU). Private Ocean Ltd Liability Co, a California-based fund reported 1,300 shares. Livforsakringsbolaget Skandia Omsesidigt holds 0.09% of its portfolio in Micron Technology, Inc. (NASDAQ:MU) for 140,236 shares. Moreover, Exane Derivatives has 0% invested in Micron Technology, Inc. (NASDAQ:MU) for 85,054 shares.

Insider Transactions: Since July 5, 2016, the stock had 0 insider purchases, and 6 selling transactions for $4.08 million net activity. On Monday, July 18 the insider DURCAN DERMOT MARK sold $23,951. Shirley Brian also sold $603,047 worth of Micron Technology, Inc. (NASDAQ:MU) on Tuesday, July 5. $202,385 worth of Micron Technology, Inc. (NASDAQ:MU) was sold by ARNZEN APRIL S. Deboer Scott J had sold 31,500 shares worth $537,047. $1.11M worth of Micron Technology, Inc. (NASDAQ:MU) was sold by Thorsen Steven L. JR.

More recent Micron Technology, Inc. (NASDAQ:MU) news were published by: Investorplace.com which released: “Micron Technology, Inc. (MU) Stock Is a Breakout Candidate” on November 16, 2016. Also Fool.com published the news titled: “Better Buy: Micron Technology, Inc. vs. Intel Corp.” on October 29, 2016. Profitconfidential.com‘s news article titled: “Micron Technology, Inc.: These Indicators Are Fueling MU Stock” with publication date: October 27, 2016 was also an interesting one.

MU Company Profile

Micron Technology, Inc., incorporated on April 6, 1984, is engaged in semiconductor systems. The Company’s portfolio of memory technologies, including dynamic random-access memory (DRAM), negative-AND (NAND) Flash and NOR Flash are the basis for solid-state drives, modules, multi-chip packages and other system solutions. The Company’s business divisions include Compute and Networking Business Unit (CNBU), which includes memory products sold into compute, networking, graphics and cloud server markets; Mobile Business Unit (MBU), which includes memory products sold into smartphone, tablet and other mobile-device markets; Storage Business Unit (SBU), which includes memory products sold into enterprise, client, cloud and removable storage markets, and SBU also includes products sold to Intel through its Intel/Micron Flash Technology (IMFT) joint venture, and Embedded Business Unit (EBU), which includes memory products sold into automotive, industrial, connected home and consumer electronics markets. The Company’s memory solutions enable computing, consumer, enterprise storage, networking, mobile, embedded and automotive applications. The Firm markets its products through internal sales force, independent sales representatives and distributors primarily to original equipment manufacturers (OEMs) and retailers located around the world.

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