Susquehanna Lowers Micron Technology (NASDAQ:MU) Price Target to $165.00

Micron Technology (NASDAQ:MU) had its price objective reduced by equities researchers at Susquehanna from $175.00 to $165.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “positive” rating on the semiconductor manufacturer’s stock. Susquehanna’s price target indicates a potential upside of 53.49% from the company’s previous close.

A number of other brokerages have also issued reports on MU. Needham & Company LLC reissued a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a report on Thursday. KeyCorp lowered their price target on Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Wolfe Research upped their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Rosenblatt Securities reiterated a “buy” rating and issued a $225.00 target price on shares of Micron Technology in a research report on Tuesday, June 25th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $144.38.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $107.50 on Thursday. Micron Technology has a 1-year low of $63.83 and a 1-year high of $157.54. The firm has a market capitalization of $119.20 billion, a PE ratio of -75.70, a P/E/G ratio of 0.20 and a beta of 1.17. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The business’s fifty day moving average price is $97.77 and its two-hundred day moving average price is $114.60.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same period last year, the firm posted ($1.21) EPS. Micron Technology’s quarterly revenue was up 93.3% compared to the same quarter last year. On average, research analysts expect that Micron Technology will post 0.61 EPS for the current year.

Institutional Investors Weigh In On Micron Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after buying an additional 3,315,988 shares during the last quarter. Capital International Investors boosted its stake in shares of Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after acquiring an additional 2,397,885 shares in the last quarter. Swedbank AB increased its holdings in shares of Micron Technology by 473.8% during the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock valued at $348,447,000 after acquiring an additional 2,187,460 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Micron Technology by 301,500.0% in the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after acquiring an additional 1,809,000 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Micron Technology by 28.9% in the 1st quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock worth $892,023,000 after purchasing an additional 1,695,876 shares during the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

About Micron Technology

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.