Micron Technology (NASDAQ:MU) Price Target Cut to $200.00 by Analysts at Rosenblatt Securities

Micron Technology (NASDAQ:MU) had its target price dropped by equities research analysts at Rosenblatt Securities from $250.00 to $200.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Rosenblatt Securities’ price target points to a potential upside of 94.17% from the stock’s previous close.

Several other analysts have also recently issued reports on the company. Wedbush reiterated an “outperform” rating and set a $125.00 target price on shares of Micron Technology in a research report on Monday. Cantor Fitzgerald cut their target price on Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. TD Cowen cut their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Robert W. Baird increased their target price on Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, UBS Group increased their target price on Micron Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.32.

Micron Technology Stock Up 0.9 %

MU stock opened at $103.00 on Friday. Micron Technology has a fifty-two week low of $83.54 and a fifty-two week high of $157.54. The business’s 50-day moving average is $96.92 and its two-hundred day moving average is $98.22. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The company has a market cap of $114.76 billion, a price-to-earnings ratio of 29.68 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business’s quarterly revenue was up 38.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.42 earnings per share. As a group, analysts forecast that Micron Technology will post 6.08 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Harmony Asset Management LLC increased its holdings in Micron Technology by 75.6% during the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock worth $1,233,000 after purchasing an additional 5,120 shares during the period. Lazard Freres Gestion S.A.S. increased its holdings in Micron Technology by 241.7% during the 3rd quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock worth $4,252,000 after purchasing an additional 29,000 shares during the period. E Fund Management Co. Ltd. increased its holdings in Micron Technology by 31.8% during the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock worth $3,062,000 after purchasing an additional 8,780 shares during the period. Stablepoint Partners LLC purchased a new position in Micron Technology during the 4th quarter worth $569,000. Finally, State Street Corp increased its holdings in Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares during the period. 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.