Micron Technology (NASDAQ:MU) Given New $135.00 Price Target at Stifel Nicolaus

Micron Technology (NASDAQ:MU) had its target price reduced by Stifel Nicolaus from $165.00 to $135.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor manufacturer’s stock. Stifel Nicolaus’ target price points to a potential upside of 50.75% from the stock’s current price.

A number of other equities analysts have also recently commented on MU. JPMorgan Chase & Co. lifted their target price on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Susquehanna dropped their target price on Micron Technology from $185.00 to $175.00 and set a “positive” rating for the company in a report on Thursday, August 22nd. Wells Fargo & Company dropped their target price on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a report on Wednesday. Morgan Stanley dropped their target price on Micron Technology from $140.00 to $100.00 and set an “equal weight” rating for the company in a report on Monday. Finally, Raymond James dropped their target price on Micron Technology from $160.00 to $125.00 and set an “outperform” rating for the company in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $145.65.

Micron Technology Price Performance

MU traded up $2.20 on Thursday, hitting $89.55. 10,802,324 shares of the company’s stock traded hands, compared to its average volume of 21,293,035. The company’s 50 day simple moving average is $101.48 and its 200-day simple moving average is $114.77. The firm has a market cap of $99.30 billion, a price-to-earnings ratio of -63.03 and a beta of 1.17. Micron Technology has a one year low of $63.83 and a one year high of $157.54. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the previous year, the company posted ($1.57) EPS. The company’s revenue was up 81.5% compared to the same quarter last year. As a group, research analysts anticipate that Micron Technology will post 0.61 EPS for the current year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Micron Technology

Hedge funds have recently modified their holdings of the stock. Hobbs Group Advisors LLC purchased a new stake in shares of Micron Technology in the second quarter worth about $28,000. DecisionPoint Financial LLC purchased a new position in Micron Technology during the first quarter worth approximately $25,000. Valued Wealth Advisors LLC boosted its position in Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares in the last quarter. Richard W. Paul & Associates LLC boosted its position in Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 144 shares in the last quarter. Finally, LRI Investments LLC boosted its position in Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

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.