Micron Technology (NASDAQ:MU) had its price target reduced by equities researchers at Citigroup from $38.00 to $35.00 in a research note issued on Thursday, BenzingaRatingsTable reports. The brokerage presently has a “sell” rating on the semiconductor manufacturer’s stock. Citigroup‘s price target points to a potential downside of 17.65% from the company’s current price.
Several other analysts have also recently weighed in on the stock. Goldman Sachs Group reissued a “buy” rating and issued a $66.00 price objective (up previously from $59.00) on shares of Micron Technology in a research note on Thursday, December 19th. They noted that the move was a valuation call. Longbow Research boosted their price objective on shares of Micron Technology from $67.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Needham & Company LLC cut their price target on shares of Micron Technology from $70.00 to $63.00 and set a “buy” rating on the stock in a research report on Thursday. Nomura increased their price target on Micron Technology from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, December 19th. Finally, ValuEngine lowered Micron Technology from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 24th. Four research analysts have rated the stock with a sell rating, three have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $61.36.
Shares of NASDAQ:MU opened at $42.50 on Thursday. The firm has a market cap of $47.10 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 1.99 and a beta of 1.78. The firm’s fifty day moving average is $50.64 and its 200-day moving average is $50.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.78 and a current ratio of 2.56. Micron Technology has a 52 week low of $31.13 and a 52 week high of $61.19.
Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, March 25th. The semiconductor manufacturer reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. Micron Technology had a net margin of 17.01% and a return on equity of 11.36%. The company had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.69 billion. During the same quarter in the previous year, the firm posted $1.71 earnings per share. Micron Technology’s revenue for the quarter was down 17.7% on a year-over-year basis. Sell-side analysts forecast that Micron Technology will post 2.12 EPS for the current year.
In related news, SVP Joel L. Poppen sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $56.97, for a total transaction of $1,139,400.00. Following the completion of the transaction, the senior vice president now owns 301,395 shares in the company, valued at $17,170,473.15. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP April S. Arnzen sold 4,400 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $54.75, for a total value of $240,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,800 shares of company stock valued at $1,644,300. 0.18% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. RMR Wealth Builders purchased a new stake in Micron Technology in the fourth quarter worth about $27,000. Wealth Quarterback LLC purchased a new position in shares of Micron Technology during the fourth quarter valued at approximately $29,000. Stonebridge Financial Planning Group LLC purchased a new position in shares of Micron Technology during the fourth quarter valued at approximately $34,000. Islay Capital Management LLC purchased a new position in shares of Micron Technology during the fourth quarter valued at approximately $35,000. Finally, Princeton Global Asset Management LLC boosted its position in shares of Micron Technology by 408.5% in the 4th quarter. Princeton Global Asset Management LLC now owns 661 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 531 shares in the last quarter. Institutional investors own 79.22% of the company’s stock.
Micron Technology Company Profile
Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute and Networking Business Unit (CNBU); Mobile Business Unit (MBU); Storage Business Unit (SBU); and Embedded Business Unit (EBU). The Compute and Networking Business Unit segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.
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