Micron Technology (NASDAQ:MU) Price Target Cut to $165.00

Micron Technology (NASDAQ:MU) had its price objective lowered by Susquehanna from $175.00 to $165.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “positive” rating on the semiconductor manufacturer’s stock. Susquehanna’s price target would suggest a potential upside of 72.29% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. Morgan Stanley cut their price objective on shares of Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Piper Sandler lifted their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Thursday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $146.04.

Micron Technology Stock Performance

MU stock opened at $95.77 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The stock has a market capitalization of $106.19 billion, a price-to-earnings ratio of -67.44, a PEG ratio of 0.20 and a beta of 1.17. Micron Technology has a 1 year low of $63.83 and a 1 year high of $157.54. The stock’s fifty day moving average is $98.39 and its two-hundred day moving average is $114.77.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same period last year, the business posted ($1.57) earnings per share. The firm’s quarterly revenue was up 81.5% compared to the same quarter last year. On average, research analysts predict that Micron Technology will post 0.61 EPS for the current year.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock valued at $11,396,024,000 after acquiring an additional 1,681,815 shares in the last quarter. Capital World Investors grew its stake in Micron Technology by 6.6% during the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock valued at $2,681,807,000 after acquiring an additional 1,400,154 shares in the last quarter. Capital International Investors grew its stake in Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after acquiring an additional 2,397,885 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Micron Technology by 22.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after acquiring an additional 3,315,988 shares in the last quarter. Finally, Van ECK Associates Corp grew its stake in Micron Technology by 6.9% during the 2nd quarter. Van ECK Associates Corp now owns 8,086,213 shares of the semiconductor manufacturer’s stock valued at $1,063,580,000 after acquiring an additional 519,641 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.