Micron Technology (NASDAQ:MU) Stock Price Down 7.7% Following Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU) shares dropped 7.7% during trading on Friday after Rosenblatt Securities lowered their price target on the stock from $250.00 to $200.00. Rosenblatt Securities currently has a buy rating on the stock. Micron Technology traded as low as $94.06 and last traded at $95.11. Approximately 25,298,804 shares changed hands during trading, an increase of 11% from the average daily volume of 22,697,759 shares. The stock had previously closed at $103.00.

Several other research analysts have also recently issued reports on the company. Mizuho dropped their price objective on Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. KGI Securities raised Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Wedbush reissued an “outperform” rating and issued a $125.00 price objective on shares of Micron Technology in a research note on Monday. Finally, Wells Fargo & Company dropped their target price on Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $134.32.

Insiders Place Their Bets

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Institutional investors have recently modified their holdings of the business. Sunbeam Capital Management LLC acquired a new stake in shares of Micron Technology during the 4th quarter valued at about $26,000. Stone House Investment Management LLC raised its position in shares of Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after buying an additional 277 shares during the period. True Wealth Design LLC raised its position in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 296 shares during the period. Beacon Capital Management LLC raised its position in shares of Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after buying an additional 200 shares during the period. Finally, Darwin Wealth Management LLC purchased a new stake in shares of Micron Technology during the 3rd quarter valued at approximately $39,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Trading Down 8.6 %

The company has a market cap of $104.84 billion, a PE ratio of 27.18 and a beta of 1.23. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The business has a 50-day simple moving average of $96.92 and a 200-day simple moving average of $98.22.

Micron Technology (NASDAQ:MU) last announced its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. The company had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 earnings per share. On average, analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

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.