Needham & Company LLC Issues Pessimistic Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price objective cut by equities research analysts at Needham & Company LLC from $140.00 to $120.00 in a research note issued to investors on Thursday, Marketbeat.com reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Needham & Company LLC’s target price would suggest a potential upside of 33.16% from the company’s current price.

Other research analysts also recently issued reports about the company. KeyCorp cut their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Raymond James upped their price objective on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Sanford C. Bernstein cut their target price on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $150.00 price target on shares of Micron Technology in a research note on Tuesday, October 1st. Finally, Bank of America boosted their price objective on shares of Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $132.26.

Micron Technology Stock Up 3.5 %

MU opened at $90.12 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64. The company has a market cap of $100.40 billion, a price-to-earnings ratio of 132.53 and a beta of 1.16. Micron Technology has a one year low of $79.15 and a one year high of $157.54. The business’s fifty day moving average is $103.14 and its two-hundred day moving average is $108.67.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping 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 analyst estimates of $8.71 billion. During the same period in the previous year, the firm earned ($0.95) EPS. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. Analysts anticipate that Micron Technology will post 8.31 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Micron Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Highline Wealth Partners LLC acquired a new stake in Micron Technology during the 3rd quarter valued at approximately $26,000. Davis Capital Management acquired a new stake in shares of Micron Technology during the third quarter worth approximately $30,000. True Wealth Design LLC increased its stake in shares of Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 296 shares during the last quarter. DT Investment Partners LLC raised its holdings in Micron Technology by 261.1% in the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 235 shares in the last quarter. Finally, Stone House Investment Management LLC boosted its stake in 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 acquiring an additional 277 shares during 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.