5 Stocks That Will Skyrocket

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

Number of Hedge Fund Holders: 78

Share price as of August 10: $61.37

Chipmaker Micron Technology, Inc. (NASDAQ:MU), another IT company on our list, is based in Boise, Idaho. It operates through its Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit to provide memory and storage technologies.

Analyst Vijay Rakesh at Mizuho reiterated a ‘Buy’ rating on Micron Technology, Inc. (NASDAQ:MU) shares on August 10. The analyst also holds a $75 price target on the stock. Our hedge fund data for the first quarter shows 78 hedge funds long Micron Technology, Inc. (NASDAQ:MU), with their total stakes valued at $3.4 billion.

Micron Technology, Inc. (NASDAQ:MU) has enjoyed year-over-year revenue growth of 27.1%, and expectations are that the company will deliver EPS growth of 7.3% over the next three-to-five years. This May, the company noted that 42% of its 2025 revenue would come from its data center and graphics division, limiting losses from its consumer business division. Micron Technology, Inc. (NASDAQ:MU) also told investors that it sees robust growth for its DRAM and NAND memory chips in the next few years.