5 Semiconductor Stocks Popular Among Elite Hedge Funds

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

Number of Hedge Fund Holders: 78

Micron Technology, Inc. (NASDAQ:MU) manufactures memory and storage products for sale worldwide. It offers dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval, among other related products.

Christopher Danely at Citi holds a Buy rating and an $80 price target on Micron Technology, Inc. (NASDAQ:MU) shares as of this July.

In July, UBS listed a number of information technology stocks on its top conviction list, including Micron Technology, Inc. (NASDAQ:MU). Citigroup also cited an attractive valuation for the stock earlier the same month, improving its popularity among major hedge funds. In the third quarter of 2022, the company had an EPS of $2.6, breaking estimates by $0.2. Its revenue was $8.6 billion, beating the previous quarter’s revenue of $7.8 billion.

Micron Technology, Inc. (NASDAQ:MU) had 78 hedge funds holding stakes in it in the first quarter of 2022, with a total stake value of $3.4 billion. In comparison, 83 hedge funds were long the stock in the previous quarter, with a total stake value of $5.5 billion.