Micron Technology (NASDAQ:MU – Get Rating) had its price target lowered by equities research analysts at Citigroup from $120.00 to $100.00 in a report released on Monday, The Fly reports. Citigroup’s target price indicates a potential upside of 42.98% from the stock’s previous close.
A number of other research firms have also issued reports on MU. Morgan Stanley lifted their target price on Micron Technology from $77.00 to $83.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 30th. Susquehanna reaffirmed a “buy” rating and set a $115.00 target price on shares of Micron Technology in a report on Monday, May 16th. Wedbush raised Micron Technology from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $100.00 to $120.00 in a report on Monday, February 14th. Piper Sandler cut Micron Technology from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $90.00 to $70.00 in a research note on Friday. Finally, Sanford C. Bernstein raised Micron Technology from a “market perform” rating to an “outperform” rating and set a $94.00 price target on the stock in a research note on Wednesday, March 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Micron Technology currently has an average rating of “Buy” and a consensus target price of $112.12.
Shares of NASDAQ MU opened at $69.94 on Monday. Micron Technology has a fifty-two week low of $65.67 and a fifty-two week high of $98.45. The firm’s 50-day simple moving average is $71.83 and its 200 day simple moving average is $81.13. The company has a quick ratio of 2.33, a current ratio of 3.11 and a debt-to-equity ratio of 0.15. 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 (NASDAQ:MU – Get Rating) last released its 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 firm had revenue of $7.79 billion for the quarter, compared to analyst estimates of $7.53 billion. Micron Technology had a return on equity of 21.15% and a net margin of 28.95%. Micron Technology’s revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 earnings per share. On average, sell-side analysts anticipate that Micron Technology will post 9.15 earnings per share for the current fiscal year.
In other news, SVP April S. Arnzen sold 5,600 shares of Micron Technology stock in a transaction dated Thursday, March 24th. The stock was sold at an average price of $76.00, for a total transaction of $425,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.32% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. City State Bank lifted its holdings in Micron Technology by 2.9% in the 1st quarter. City State Bank now owns 14,720 shares of the semiconductor manufacturer’s stock worth $1,147,000 after purchasing an additional 414 shares during the last quarter. Kestra Private Wealth Services LLC lifted its holdings in Micron Technology by 1.0% in the 1st quarter. Kestra Private Wealth Services LLC now owns 28,238 shares of the semiconductor manufacturer’s stock worth $2,199,000 after purchasing an additional 284 shares during the last quarter. Gradient Investments LLC lifted its holdings in Micron Technology by 22.4% in the 1st quarter. Gradient Investments LLC now owns 983 shares of the semiconductor manufacturer’s stock worth $77,000 after purchasing an additional 180 shares during the last quarter. Midwest Wealth Management Inc. lifted its holdings in Micron Technology by 3.2% in the 1st quarter. Midwest Wealth Management Inc. now owns 20,644 shares of the semiconductor manufacturer’s stock worth $1,608,000 after purchasing an additional 640 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in Micron Technology by 293.5% in the 1st quarter. Neuberger Berman Group LLC now owns 1,854,494 shares of the semiconductor manufacturer’s stock worth $144,464,000 after purchasing an additional 1,383,268 shares during the last quarter. 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.
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