Micron Technology (NASDAQ:MU) Price Target Lowered to $128.00 at The Goldman Sachs Group

Micron Technology (NASDAQ:MU) had its price target reduced 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 presently has a “buy” rating on the semiconductor manufacturer’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 49.27% from the company’s current price.

Several other brokerages have also recently issued reports on MU. Raymond James raised their price objective on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. Cantor Fitzgerald reissued an “overweight” rating and set a $150.00 price target on shares of Micron Technology in a research report on Tuesday, October 1st. UBS Group cut their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday. Mizuho decreased their target price on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and reduced their price objective for the company from $140.00 to $67.00 in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $137.48.

Micron Technology Stock Down 17.5 %

Shares of NASDAQ MU traded down $18.15 during midday trading on Thursday, reaching $85.75. 43,447,256 shares of the company’s stock traded hands, compared to its average volume of 21,693,350. The stock’s 50 day simple moving average is $103.85 and its 200-day simple moving average is $109.09. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The company has a market cap of $95.53 billion, a price-to-earnings ratio of 126.10 and a beta of 1.16. Micron Technology has a one year low of $78.63 and a one year high of $157.54.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. During the same period in the prior year, the business posted ($0.95) EPS. The firm’s quarterly revenue was up 84.3% on a year-over-year basis. On average, analysts predict that Micron Technology will post 8.31 EPS for the current fiscal year.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several large investors have recently added to or reduced their stakes in the business. Hennion & Walsh Asset Management Inc. raised its position in Micron Technology by 42.5% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 3,299 shares of the semiconductor manufacturer’s stock valued at $434,000 after purchasing an additional 984 shares in the last quarter. &PARTNERS grew its holdings 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 acquiring an additional 1,631 shares in the last quarter. Cornerstone Wealth Group LLC raised its holdings in shares of Micron Technology by 5.6% in the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock valued at $257,000 after purchasing an additional 103 shares in the last quarter. Premier Path Wealth Partners LLC boosted its position in shares of Micron Technology by 12.1% during the 2nd 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 in the last quarter. Finally, Everhart Financial Group Inc. raised its holdings in 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 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.