Micron Technology (NASDAQ:MU) Price Target Cut to $175.00

Micron Technology (NASDAQ:MU) had its target price dropped by equities researchers at Wells Fargo & Company from $190.00 to $175.00 in a research note issued on Wednesday, Briefing.com reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 97.23% from the company’s previous close.

A number of other research firms also recently commented on MU. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 target price on shares of Micron Technology in a report on Tuesday, June 25th. Wedbush restated an “outperform” rating and set a $170.00 price objective on shares of Micron Technology in a research note on Thursday, June 27th. JPMorgan Chase & Co. upped their price objective on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Needham & Company LLC reduced their target price on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating for the company in a report on Monday, August 26th. Finally, Morgan Stanley decreased their target price on shares of Micron Technology from $140.00 to $100.00 and set an “equal weight” rating for the company in a research report on Monday. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $148.54.

Micron Technology Trading Up 1.8 %

Shares of Micron Technology stock opened at $88.73 on Wednesday. The firm’s 50 day simple moving average is $102.46 and its two-hundred day simple moving average is $114.96. The firm has a market capitalization of $98.39 billion, a price-to-earnings ratio of -62.49 and a beta of 1.17. Micron Technology has a 12-month low of $63.83 and a 12-month high of $157.54. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.57) earnings per share. Analysts predict that Micron Technology will post 0.61 EPS for the current year.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

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

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.