5 Best Data Center Stocks To Invest In

In this piece, we will take a look at the five best data center stocks to invest in. If you want details about the industry and more stocks, then head on over to 10 Best Data Center Stocks To Invest In.

5. Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 78

Micron Technology, Inc. (NASDAQ:MU) is one of the world’s largest manufacturers of memory and storage devices for computing systems. Subsequently, its products are also extensively used in the data center and enterprise computing industries. The firm is headquartered in Boise, Idaho, United States.

Like other semiconductor firms, Micron Technology, Inc. (NASDAQ:MU) is also facing the brunt of inflationary pressures on its personal computing business segments. However, just like its peers, the company is also experiencing and projecting hefty growth in the enterprise computing segment. As part of its latest earnings release, the company stated that its data center segment will grow from representing 45% of its revenue today to 62% in 2025. Additionally, its networking data center revenues have grown by an average of $250 million since the start of 2019.

Evercore ISI reiterated its $90 share price target for Micron Technology, Inc. (NASDAQ:MU) in July 2022 outlining that the company has sound management practices in place. Insider Monkey’s Q1 2022 survey of 912 hedge funds pegged 78 as owning the company’s shares.

Micron Technology, Inc. (NASDAQ:MU)’s largest investor is David Goel and Paul Ferri’s Matrix Capital Management which owns 4 million shares that are worth $311 million.