Citigroup Trims Micron Technology (NASDAQ:MU) Target Price to $100.00

Micron Technology (NASDAQ:MUGet Rating) had its price target cut by research analysts at Citigroup from $120.00 to $100.00 in a note issued to investors on Monday, The Fly reports. Citigroup’s target price would suggest a potential upside of 42.98% from the company’s current price.

Other analysts have also issued research reports about the stock. Sanford C. Bernstein upgraded shares of Micron Technology from a “market perform” rating to an “outperform” rating and set a $94.00 price objective on the stock in a research note on Wednesday, March 16th. Wedbush upgraded shares of Micron Technology from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $100.00 to $120.00 in a research note on Monday, February 14th. Piper Sandler lowered shares of Micron Technology from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $90.00 to $70.00 in a research note on Friday. Morgan Stanley increased their price objective on shares of Micron Technology from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 30th. Finally, Rosenblatt Securities restated a “buy” rating and set a $165.00 price target on shares of Micron Technology in a research report on Wednesday, March 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology currently has an average rating of “Buy” and a consensus price target of $112.12.

NASDAQ MU opened at $69.94 on Monday. The company has a fifty day simple moving average of $71.83 and a two-hundred day simple moving average of $81.13. The stock has a market cap of $78.10 billion, a P/E ratio of 8.80, a P/E/G ratio of 0.24 and a beta of 1.17. Micron Technology has a 12-month low of $65.67 and a 12-month high of $98.45. The company has a current ratio of 3.11, a quick ratio of 2.33 and a debt-to-equity ratio of 0.15.

Micron Technology (NASDAQ:MUGet Rating) last posted its quarterly earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.20. The business had revenue of $7.79 billion during the quarter, compared to analysts’ expectations of $7.53 billion. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. The business’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter last year, the company posted $0.90 earnings per share. As a group, sell-side analysts forecast that Micron Technology will post 9.15 earnings per share for the current year.

In other news, SVP April S. Arnzen sold 5,600 shares of the business’s stock in a transaction that occurred on Thursday, March 24th. The shares were sold at an average price of $76.00, for a total value of $425,600.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.32% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Micron Technology by 6.7% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,583 shares of the semiconductor manufacturer’s stock valued at $243,000 after purchasing an additional 162 shares in the last quarter. AXA S.A. grew its holdings in Micron Technology by 45.0% during the 3rd quarter. AXA S.A. now owns 861,094 shares of the semiconductor manufacturer’s stock worth $61,120,000 after acquiring an additional 267,170 shares in the last quarter. Kestra Private Wealth Services LLC grew its holdings in Micron Technology by 5.2% during the 4th quarter. Kestra Private Wealth Services LLC now owns 27,954 shares of the semiconductor manufacturer’s stock worth $2,604,000 after acquiring an additional 1,374 shares in the last quarter. National Pension Service grew its holdings in Micron Technology by 5.3% during the 3rd quarter. National Pension Service now owns 1,744,336 shares of the semiconductor manufacturer’s stock worth $123,813,000 after acquiring an additional 87,829 shares in the last quarter. Finally, Highland Private Wealth Management acquired a new position in Micron Technology during the 4th quarter worth approximately $217,000. Hedge funds and other institutional investors own 80.35% of the company’s stock.

Micron Technology Company Profile (Get Rating)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

See Also

The Fly logo

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Want More Great Investing Ideas?

Receive News & Ratings for Micron Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology and related companies with MarketBeat.com's FREE daily email newsletter.