April Arnzen, the Executive Vice President and Chief People Officer at Micron Technology Inc. (NASDAQ:MU), a prominent $100 billion market cap semiconductor company currently trading at $89.82, recently sold shares of the company, according to an SEC filing. On December 20, Arnzen sold 4,890 shares of common stock at a price of $85.21 per share, totaling approximately $416,676. The transaction was conducted under a Rule 10b5-1 trading plan, which Arnzen adopted on November 14, 2023. Following this sale, Arnzen holds 181,223 shares of Micron Technology. According to InvestingPro analysis, Micron appears undervalued based on its Fair Value calculation, with analysts maintaining a strong buy consensus. Discover 10+ additional exclusive insights and detailed valuation metrics with InvestingPro's comprehensive research report.
In other recent news, Micron Technology has seen various adjustments in analyst ratings. TD Cowen maintained its Buy rating despite reducing the stock's price target to $125 from $135, citing the company's long-term growth potential. This was echoed by Needham, which held its Buy rating but reduced the price target to $120 due to softer demand in consumer markets and data center solid-state drives.
Citi highlighted potential negative implications for the U.S. semiconductor equipment industry in light of Micron's financial updates. The company reported lower than expected capital expenditures for the November quarter and projected a lower-than-expected capex for the February quarter.
KeyBanc maintained an Overweight rating on Micron shares despite a dip in the company's F2Q outlook, emphasizing the company's strong F1Q performance and impressive year-over-year revenue growth. Bernstein also maintained an Outperform rating, noting the company's progress with High Bandwidth (NASDAQ:BAND) Memory (HBM) and expectations for a rebound in bit demand in the second half of the year.
These recent developments indicate a mixed but generally optimistic outlook for Micron's future, with a strong emphasis on the growth potential of HBM and the stability of server DRAM.
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