Wells Fargo Remains a Buy on Micron (MU)

Wells Fargo analyst Aaron Rakers maintained a Buy rating on Micron (MU) yesterday. The company’s shares closed last Monday at $64.09, close to its 52-week high of $64.80.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 23.8% and a 70.1% success rate. Rakers covers the Technology sector, focusing on stocks such as Advanced Micro Devices, CommVault Systems, and Seagate Tech.

Micron has an analyst consensus of Moderate Buy, with a price target consensus of $64.39, representing a -0.3% downside. In a report issued on November 18, Raymond James also initiated coverage with a Buy rating on the stock.

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Based on Micron’s latest earnings release for the quarter ending August 31, the company reported a quarterly revenue of $6.06 billion and net profit of $988 million. In comparison, last year the company earned revenue of $4.87 billion and had a net profit of $561 million.

Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MU in relation to earlier this year. Last month, April Arnzen, the SVP, Chief People Officer of MU sold 11,668 shares for a total of $713,615.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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. The Mobile Business Unit segment offers memory products sold into smartphone, and other mobile-device markets. The Storage Business Unit segment comprises of SSDs and component-level solutions sold into enterprise and cloud, client, and consumer solid-state drive (SSD) markets, other discrete storage products sold in component and wafer forms to the removable storage markets, and sales of 3D XPoint memory. The Embedded Business Unit segment consists of memory and storage products sold into automotive, industrial, and consumer markets. The company was founded by Ward D. Parkinson, Joseph L. Parkinson, Dennis Wilson, and Doug Pitman in October 1978 and is headquartered in Boise, ID.

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