Micron Technology (NASDAQ:MU) Stock Price Down 5.6% After Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU)’s share price fell 5.6% on Thursday after UBS Group lowered their price target on the stock from $155.00 to $153.00. UBS Group currently has a buy rating on the stock. Micron Technology traded as low as $133.62 and last traded at $134.41. 27,961,395 shares traded hands during mid-day trading, an increase of 38% from the average session volume of 20,271,184 shares. The stock had previously closed at $142.36.

Other research analysts have also issued reports about the stock. Fox Advisors raised shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Wells Fargo & Company raised their price target on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. Barclays raised their target price on shares of Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Susquehanna raised their target price on shares of Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a research note on Monday, June 17th. Finally, TD Cowen raised their target price on shares of Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $158.52.

Insider Activity

In related news, EVP Sumit Sadana sold 13,239 shares of Micron Technology stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the sale, the executive vice president now owns 260,857 shares in the company, valued at approximately $30,981,985.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Sumit Sadana sold 13,239 shares of Micron Technology stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the sale, the executive vice president now owns 260,857 shares in the company, valued at approximately $30,981,985.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $122.09, for a total transaction of $854,630.00. Following the completion of the sale, the chief executive officer now owns 743,557 shares of the company’s stock, valued at approximately $90,780,874.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 304,840 shares of company stock valued at $37,961,924. 0.32% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Institutional investors have recently modified their holdings of the business. Tidemark LLC purchased a new stake in shares of Micron Technology in the fourth quarter valued at about $25,000. DecisionPoint Financial LLC purchased a new stake in shares of Micron Technology in the first quarter valued at about $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology in the fourth quarter valued at about $26,000. Frank Rimerman Advisors LLC purchased a new stake in shares of Micron Technology in the fourth quarter valued at about $29,000. Finally, Valued Wealth Advisors LLC raised its holdings in shares of Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Down 7.1 %

The business’s fifty day moving average price is $127.16 and its 200 day moving average price is $105.52. The company has a quick ratio of 2.40, a current ratio of 3.74 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $146.43 billion, a PE ratio of -38.28 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same period in the previous year, the business posted ($1.57) earnings per share. The business’s revenue was up 81.5% compared to the same quarter last year. On average, equities research analysts forecast that Micron Technology, Inc. will post 0.35 earnings per share for the current fiscal year.

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.