In the latest trading session, Micron (MU) closed at $72.61, marking a -1% move from the previous day. This change lagged the S&P 500's daily loss of 0.19%. At the same time, the Dow lost 0.49%, and the tech-heavy Nasdaq gained 0.45%.Prior to today's trading, shares of the chipmaker had gained 34.37% over the past month. This has outpaced the Computer and Technology sector's gain of 7.62% and the S&P 500's gain of 7.68% in that time.Investors will be hoping for strength from MU as it approaches its next earnings release. On that day, MU is projected to report earnings of $0.70 per share, which would represent year-over-year growth of 45.83%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.66 billion, up 10.03% from the year-ago period.MU's full-year Zacks Consensus Estimates are calling for earnings of $3.63 per share and revenue of $23.87 billion. These results would represent year-over-year changes of +28.27% and +11.36%, respectively.Investors should also note any recent changes to analyst estimates for MU. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 13.87% higher within the past month. MU is holding a Zacks Rank of #1 (Strong Buy) right now.In terms of valuation, MU is currently trading at a Forward P/E ratio of 20.19. Its industry sports an average Forward P/E of 20.19, so we one might conclude that MU is trading at a no noticeable deviation comparatively.It is also worth noting that MU currently has a PEG ratio of 1.64. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. MU's industry had an average PEG ratio of 1.64 as of yesterday's close.The Semiconductor Memory industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 1, putting it in the top 1% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Micron Technology, Inc. (MU): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research