Micron Technology (NASDAQ:MU – Get Free Report) had its price target dropped by equities research analysts at The Goldman Sachs Group from $145.00 to $128.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. The Goldman Sachs Group’s price target points to a potential upside of 42.03% from the company’s current price.
Several other research firms have also weighed in on MU. Raymond James raised their target price on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Wells Fargo & Company cut their price objective on Micron Technology from $175.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday. Robert W. Baird decreased their target price on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a research report on Thursday. Mizuho dropped their price target on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Needham & Company LLC reduced their price objective on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $132.26.
Read Our Latest Stock Report on MU
Micron Technology Price Performance
Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.19. The business 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 1.58% and a net margin of 3.10%. The firm’s revenue was up 84.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.95) EPS. Analysts forecast that Micron Technology will post 8.31 EPS for the current fiscal year.
Insider Buying and Selling
In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.30% of the stock is owned by company insiders.
Hedge Funds Weigh In On Micron Technology
Several institutional investors have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. boosted its stake in Micron Technology by 42.5% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 3,299 shares of the semiconductor manufacturer’s stock worth $434,000 after purchasing an additional 984 shares in the last quarter. &PARTNERS lifted its position in Micron Technology by 15.2% during the 2nd quarter. &PARTNERS now owns 12,364 shares of the semiconductor manufacturer’s stock worth $1,626,000 after buying an additional 1,631 shares in the last quarter. Cornerstone Wealth Group LLC grew its holdings in Micron Technology by 5.6% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock worth $257,000 after acquiring an additional 103 shares during the last quarter. Premier Path Wealth Partners LLC raised its stake in shares of Micron Technology by 12.1% in the second quarter. Premier Path Wealth Partners LLC now owns 4,688 shares of the semiconductor manufacturer’s stock worth $617,000 after acquiring an additional 505 shares during the last quarter. Finally, Everhart Financial Group Inc. lifted its position in shares of Micron Technology by 17.2% during the second quarter. Everhart Financial Group Inc. now owns 4,943 shares of the semiconductor manufacturer’s stock worth $650,000 after purchasing an additional 725 shares in the last quarter. 80.84% of the stock is owned by 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.
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