Wells Fargo & Company Lowers Micron Technology (NASDAQ:MU) Price Target to $140.00

Micron Technology (NASDAQ:MU) had its price objective reduced by stock analysts at Wells Fargo & Company from $175.00 to $140.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 63.36% from the stock’s previous close.

Several other equities analysts have also weighed in on MU. Stifel Nicolaus restated a “buy” rating and set a $135.00 target price on shares of Micron Technology in a report on Friday, December 13th. Mizuho cut 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. Robert W. Baird reduced their target price on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday. Morgan Stanley increased their price target on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $150.00 price objective on shares of Micron Technology in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $138.59.

Micron Technology Trading Down 17.5 %

Shares of MU stock traded down $18.20 during trading hours on Thursday, reaching $85.70. 31,786,045 shares of the stock traded hands, compared to its average volume of 21,630,555. The business has a fifty day moving average price of $103.85 and a 200 day moving average price of $109.09. Micron Technology has a 1-year low of $78.63 and a 1-year high of $157.54. 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 firm has a market capitalization of $95.47 billion, a PE ratio of 126.03 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same period in the previous year, the company posted ($0.95) EPS. Micron Technology’s revenue was up 84.3% on a year-over-year basis. On average, equities research analysts forecast that Micron Technology will post 8.31 EPS for the current year.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently modified their holdings of the stock. Highline Wealth Partners LLC bought a new stake in Micron Technology in the 3rd quarter valued at $26,000. LRI Investments LLC boosted its position in shares of Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after acquiring an additional 99 shares during the period. Davis Capital Management acquired a new position in shares of Micron Technology in the third quarter valued at about $30,000. Strategic Investment Solutions Inc. IL bought a new position in Micron Technology during the second quarter worth about $39,000. Finally, New Millennium Group LLC acquired a new stake in Micron Technology in the 2nd quarter worth about $39,000. 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.