Micron Technology (NASDAQ:MU – Get Free Report) had its price target cut by analysts at Morgan Stanley from $98.00 to $91.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price objective points to a potential upside of 2.20% from the stock’s previous close.
A number of other equities research analysts have also issued reports on the company. TD Cowen lowered their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Needham & Company LLC lowered their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Robert W. Baird lowered their target price on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. UBS Group lowered their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Finally, Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $110.00 in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.96.
Get Our Latest Research Report on Micron Technology
Micron Technology Stock Performance
Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm’s revenue was up 84.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.95) earnings per share. As a group, research analysts forecast that Micron Technology will post 6.29 earnings per share for the current year.
Insiders Place Their Bets
In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the transaction, the executive vice president now owns 181,223 shares in the company, valued at approximately $15,442,011.83. The trade was a 2.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.
Institutional Trading of Micron Technology
A number of hedge funds and other institutional investors have recently modified their holdings of MU. Highline Wealth Partners LLC bought a new stake in shares of Micron Technology in the 3rd quarter worth $26,000. Davis Capital Management acquired a new stake in shares of Micron Technology during the third quarter worth $30,000. True Wealth Design LLC raised its position in shares of Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 296 shares during the period. DT Investment Partners LLC raised its position in shares of Micron Technology by 261.1% during the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares during the period. Finally, Stone House Investment Management LLC raised its position in shares of Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 277 shares during the period. Institutional investors own 80.84% of the company’s stock.
Micron Technology Company Profile
Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.
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