Parallel Advisors LLC Grows Holdings in Micron Technology, Inc. (NASDAQ:MU)

Parallel Advisors LLC lifted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 3.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,793 shares of the semiconductor manufacturer’s stock after acquiring an additional 647 shares during the quarter. Parallel Advisors LLC’s holdings in Micron Technology were worth $1,498,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of MU. Stone House Investment Management LLC increased its holdings in Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 277 shares in the last quarter. True Wealth Design LLC increased its stake in shares of Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 296 shares in the last quarter. Beacon Capital Management LLC increased its stake in shares of Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 200 shares in the last quarter. Darwin Wealth Management LLC purchased a new position in Micron Technology in the 3rd quarter valued at about $39,000. Finally, Midwest Capital Advisors LLC purchased a new position in Micron Technology in the 4th quarter valued at about $33,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MU has been the subject of a number of research analyst reports. UBS Group increased their target price on Micron Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday. Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $125.00 to $110.00 in a report on Thursday, December 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 target price on shares of Micron Technology in a research note on Wednesday, December 18th. Piper Sandler reduced their target price on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Finally, The Goldman Sachs Group lowered their price target on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.16.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the sale, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

MU opened at $101.72 on Wednesday. The stock’s 50-day moving average price is $96.79 and its 200 day moving average price is $98.16. Micron Technology, Inc. has a 12-month low of $83.54 and a 12-month high of $157.54. The firm has a market cap of $113.33 billion, a price-to-earnings ratio of 29.31 and a beta of 1.23. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter in the prior year, the company earned ($0.95) earnings per share. The business’s quarterly revenue was up 84.3% on a year-over-year basis. As a group, sell-side analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

About Micron Technology

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.