Micron Technology, Inc. (NASDAQ:MU) announced that David Zinsner has been appointed senior vice president and Chief Financial Officer (CFO), reporting to Micron president and CEO, Sanjay Mehrotra, effective February 19, 2018. Zinsner succeeds Ernie Maddock, who is retiring from Micron but will remain with the company as an adviser through early June to ensure a smooth transition.
Read more: Micron Technology: Attractive Opportunity, and Worth Buying Stock
“On behalf of the company, I want to thank Ernie for his significant contributions to Micron,” Mehrotra said. “He has helped position the company for continued strong growth, and we wish him the best in his future endeavors.”
“I am fortunate to have been a part of Micron’s progress over the last few years,” Maddock said. “My focus now is on supporting Dave and Sanjay during the transition period to ensure a seamless and effective handoff.”
Zinsner joins Micron with over 20 years of financial and operations experience in the semiconductor and technology industry. He most recently served as president and chief operating officer at Affirmed Networks. Prior to that, Zinsner was senior vice president of finance and chief financial officer for eight years at Analog Devices, and before that, he was senior vice president and chief financial officer for four years at Intersil Corp.
“Dave brings a great combination of financial expertise and executive experience to Micron and has a strong track record of achieving outstanding results,” Mehrotra said. “We look forward to his leadership in driving our financial strategy and delivering significant value to our shareholders.”
“I am very excited to be joining Micron at a time when the company is uniquely positioned to take advantage of growing demand for memory and storage solutions across a wide range of industries,” Zinsner said. “I look forward to working with the Micron team to capitalize on those trends and to take the company to the next level.”
Shares of Micron are up over 3% to $40.69 in after-hours trading Monday. MU has a 1-year high of $49.89 and a 1-year low of $22.64. The stock’s 50-day moving average is $43.47 and its 200-day moving average is $38.95.
On the ratings front, Micron stock has been the subject of a number of recent research reports. In a report issued on January 31, Wells Fargo analyst David Wong reiterated a Buy rating on MU. Similarly, on January 16, Mizuho’s Vijay Rakesh reiterated a Buy rating on the stock and has a price target of $50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Wong and Vijay Rakesh have a yearly average return of 16.6% and 30.0% respectively. Wong has a success rate of 70% and is ranked #260 out of 4745 analysts, while Rakesh has a success rate of 73% and is ranked #21.
Sentiment on the street is mostly bullish on MU stock. Out of 19 analysts who cover the stock, 16 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $59.40, which implies an upside of 51% from current levels.