Morgan Stanley Lowers Micron Technology (NASDAQ:MU) Price Target to $98.00

Micron Technology (NASDAQ:MU) had its price objective cut by equities research analysts at Morgan Stanley from $114.00 to $98.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price objective would suggest a potential upside of 8.74% from the stock’s previous close.

MU has been the topic of a number of other research reports. Raymond James upped their target price on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Citigroup reduced their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price objective on shares of Micron Technology in a research report on Wednesday. Bank of America downgraded shares of Micron Technology from a “buy” rating to a “neutral” rating and cut their target price for the company from $125.00 to $110.00 in a research note on Thursday. Finally, TD Cowen decreased their price target 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. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $132.26.

Micron Technology Trading Up 3.5 %

Shares of MU stock opened at $90.12 on Thursday. The stock has a market cap of $100.40 billion, a P/E ratio of 132.53 and a beta of 1.16. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. Micron Technology has a fifty-two week low of $79.15 and a fifty-two week high of $157.54. The business has a fifty day simple moving average of $103.14 and a 200-day simple moving average of $108.67.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share 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 firm had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same period last year, the firm posted ($0.95) EPS. The firm’s revenue for the quarter was up 84.3% on a year-over-year basis. On average, analysts forecast that Micron Technology will post 8.31 earnings per share for the current fiscal year.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several institutional investors have recently added to or reduced their stakes in MU. Independent Solutions Wealth Management LLC grew its stake in Micron Technology by 30.7% in the third quarter. Independent Solutions Wealth Management LLC now owns 20,958 shares of the semiconductor manufacturer’s stock worth $2,174,000 after purchasing an additional 4,921 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Micron Technology by 4.4% in the 3rd quarter. Principal Financial Group Inc. now owns 1,255,931 shares of the semiconductor manufacturer’s stock worth $130,253,000 after acquiring an additional 52,912 shares in the last quarter. Dantai Capital Ltd increased its holdings in shares of Micron Technology by 25.0% in the 3rd quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock valued at $2,380,000 after acquiring an additional 4,590 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Micron Technology by 4.6% during the 3rd quarter. Franklin Resources Inc. now owns 7,283,124 shares of the semiconductor manufacturer’s stock valued at $789,054,000 after acquiring an additional 321,955 shares in the last quarter. Finally, Peapack Gladstone Financial Corp lifted its stake in Micron Technology by 3.2% during the third quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock worth $1,359,000 after purchasing an additional 411 shares during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

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.