Micron Technology (NASDAQ:MU) Given New $120.00 Price Target at Sanford C. Bernstein

Micron Technology (NASDAQ:MU) had its target price lowered by equities researchers at Sanford C. Bernstein from $140.00 to $120.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the semiconductor manufacturer’s stock. Sanford C. Bernstein’s target price points to a potential upside of 37.79% from the company’s previous close.

MU has been the subject of a number of other reports. Needham & Company LLC reiterated a “buy” rating and issued a $140.00 target price on shares of Micron Technology in a research note on Thursday, September 26th. KeyCorp dropped their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, October 8th. BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and reduced their target price for the stock from $140.00 to $67.00 in a research note on Thursday, September 12th. Bank of America boosted their price target on Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, TD Cowen raised their price objective on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. One equities research 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $133.56.

Micron Technology Stock Performance

Shares of MU stock opened at $87.09 on Wednesday. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The company has a market cap of $97.02 billion, a PE ratio of 128.08 and a beta of 1.16. Micron Technology has a 12-month low of $78.63 and a 12-month high of $157.54. The business’s fifty day simple moving average is $103.48 and its 200-day simple moving average is $108.93.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.95) EPS. Analysts expect that Micron Technology will post 8.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated 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 directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Micron Technology

Hedge funds have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. boosted its position in Micron Technology by 42.5% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 3,299 shares of the semiconductor manufacturer’s stock worth $434,000 after acquiring an additional 984 shares during the last quarter. Focus Financial Network Inc. lifted its stake in Micron Technology by 3.9% in the 2nd quarter. Focus Financial Network Inc. now owns 2,804 shares of the semiconductor manufacturer’s stock worth $369,000 after purchasing an additional 106 shares in the last quarter. Richard W. Paul & Associates LLC lifted its stake in Micron Technology by 128.6% in the 2nd 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. 1620 Investment Advisors Inc. acquired a new position in shares of Micron Technology during the 2nd quarter worth approximately $139,000. Finally, &PARTNERS grew its position in shares of Micron Technology by 15.2% in the second quarter. &PARTNERS now owns 12,364 shares of the semiconductor manufacturer’s stock valued at $1,626,000 after purchasing an additional 1,631 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.