Micron Technology, Inc. (NASDAQ:MU) announced results of operations for its third quarter of fiscal 2015, which ended June 4, 2015. Revenues for the third quarter of fiscal 2015 were $3.85 billion and were 8 percent lower compared to the second quarter of fiscal 2015 and 3 percent lower compared to the third quarter of fiscal 2014. Cash flows from operations were $1.34 billion for the third quarter of fiscal 2015.

“In the fiscal third quarter, Micron experienced market headwinds driven primarily by weakness in the PC sector,” stated D. Mark Durcan, Chief Executive Officer. “We remain focused on the long term as we continue to deploy advanced process technology to enable leading-edge products and drive manufacturing efficiency.”

GAAP Income and Per Share Data – On a GAAP(1) basis, net income attributable to Micron shareholders for the third quarter of fiscal 2015 was $491 million, or $0.42 per diluted share, compared to net income of $934 million, or $0.78 per diluted share, for the second quarter of fiscal 2015 and net income of $806 million, or $0.68 per diluted share, for the third quarter of fiscal 2014.

Non-GAAP Income and Per Share Data – On a non-GAAP(2) basis, net income attributable to Micron shareholders for the third quarter of fiscal 2015 was $620 million, or$0.54 per diluted share, compared to net income of $941 million, or $0.81 per diluted share, for the second quarter of fiscal 2015. For a reconciliation of GAAP to non-GAAP results, see the accompanying financial tables and footnotes.

Revenues for the third quarter of fiscal 2015 were 8 percent lower compared to the second quarter of fiscal 2015 primarily due to a 10 percent decline in DRAM average selling prices and relatively flat DRAM sales volume. The company’s overall consolidated gross margin of 31 percent for the third quarter of fiscal 2015 was down 3 percent compared to the second quarter of fiscal 2015 primarily due to lower average selling prices for DRAM, partially offset by lower manufacturing costs.

Investments in capital expenditures were $734 million for the third quarter of fiscal 2015. The company ended the third quarter of fiscal 2015 with cash and marketable investments of $7.33 billion. (Original Source)

Shares of Micron Technology are up 1.29% to $24.37 in after-market trading. The stock’s 50-day moving average is $26.32 and its 200-day moving average is $29.28.

On the ratings front, Micron has been the subject of a number of recent research reports. In a report released yesterday, Needham analyst Rajvindra Gill maintained a Buy rating on MU, with a price target of $40, which implies an upside of 65.8% from current levels. Separately, on June 23, MKM Partners’ Ian Ing reiterated a Hold rating on the stock and has a price target of $30.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Rajvindra Gill and Ian Ing have a total average return of 23.5% and 33.6% respectively. Gill has a success rate of 63.4% and is ranked #32 out of 3632 analysts, while Ing has a success rate of 81.0% and is ranked #81.

The street is mostly Bullish on MU stock. Out of 19 analysts who cover the stock, 14 suggest a Buy rating , 4 suggest a Hold and one recommend to Sell the stock. The 12-month average price target assigned to the stock is $37.30, which represents a potential upside of 54.6% from where the stock is currently trading.

Micron Technology Inc is a manufacturer and marketer of DRAM, NAND Flash memory, CMOS image sensors and other semiconductor components. It has two segments, Memory and Imaging.