Micron Technology, Inc. (NASDAQ:MU): Hits 52 Week High Of $26.84

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Dallas, Texas 05/06/2014 (FINANCIALSTRENDS) – Micron Technology, Inc. (NASDAQ:MU)’s stock was recently upgraded to a “buy” rating from a “hold” rating by equities research analysts at Zacks. Among other analysts who have recently commented on the stock include, analysts at equity research firm Needham & Company LLC who reaffirmed “positive” rating for Micron Technology’s stock.

Analysts at Drexel Hamilton upgraded their price target for the stock to $50 from $20 in a research note issues on April 21, 2014. The firm now maintains “buy” rating for the stock. Further, equities analysts at ISI Group also initiated their coverage on the stock of Micron Technology with a “strong buy” rating and a price objective of $30 per share.

Consensus Rating and Stock Update:

Among all the equities research analysts following the stock of Micron Technology, Inc. (NASDAQ:MU), two analysts have assigned a “strong buy” rating, fifteen have assigned a “buy” rating, nine have assigned a “hold” rating and four have assigned “sell” rating. The stock presently has a consensus “buy” rating with an average price objective of $25.69 which does not suggest any potential upside from a Monday’s closing of $26.74.

On Monday, the stock of Micron Technology gained 1.63% and closed at $26.74. The stock has delivered over 25% returns year to date and more than 175% returns in past 12 month period. During Monday’s trading session the stock hit an intra-day high and 52 week high of $26.84.

Insider Selling:

Robert Bailey who is a Director at Micron Technology, Inc. (NASDAQ:MU), sold 2,000 shares at an average price of $26.40, in a transaction dated May 1, 2014. The total transaction was valued at $52,800. Following this transaction, Mr. Bailey now holds 129,751 shares in the company.

Earlier on April 23, 2014, Ronald Foster who holds a chair of Chief Financial Officer at the company sold 20,000 shares at an average price of $26.26 for a total value of $525,200.

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