35 AI Superstars According to Goldman Sachs

9. Micron Technology (NASDAQ:MU)

Number of Hedge Fund Holders: 120   

Micron Technology (NASDAQ:MU) makes and sells memory and storage products. The company recently revealed, per a Barron’s report, that President and CEO Sanjay Mehrotra plans to sell up to $20 million worth of shares of the chipmaker. In a filing with the Securities and Exchange Commission in the US, the company disclosed that Mehrotra would use the Mehrotra Family Trust, where the CEO serves as a trustee, to make the transaction under the Rule 10b5-1 trading plan. The sale would consist of up to 200,000 shares of the chipmaker beginning in the first week of November at the earliest, per the disclosure. This amounts to total sales of around $20 million, according to the latest share price.

TD Cowen recently raised the price target on Micron Technology (NASDAQ:MU) stock to $135 from $115 and kept a Buy rating on the shares. The advisory said despite continued inventory builds at PC/smartphone customers and end-demand softness, the expected mid-cycle in memory spanning between now and CQ2:25 seemed to be shallower than feared as the strength from datacenter customers continued.