Micron Technology (NASDAQ:MU) Price Target Cut to $91.00 by Analysts at Morgan Stanley

Micron Technology (NASDAQ:MU) had its price target decreased by investment analysts at Morgan Stanley from $98.00 to $91.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price objective indicates a potential upside of 2.45% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Piper Sandler cut their target price on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. The Goldman Sachs Group cut their target price on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 target price on shares of Micron Technology in a research report on Wednesday, December 18th. Sanford C. Bernstein cut their price target on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research report on Wednesday, December 18th. Finally, UBS Group cut their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $134.96.

Micron Technology Stock Performance

MU stock traded down $2.29 during midday trading on Tuesday, reaching $88.82. 18,471,544 shares of the company’s stock traded hands, compared to its average volume of 26,168,055. The company has a 50-day moving average price of $98.23 and a two-hundred day moving average price of $100.80. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. Micron Technology has a 52 week low of $79.15 and a 52 week high of $157.54. The firm has a market capitalization of $98.96 billion, a PE ratio of 25.61 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.95) EPS. As a group, equities analysts anticipate that Micron Technology will post 6.29 EPS for the current year.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the sale, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at $15,442,011.83. The trade was a 2.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Several large investors have recently modified their holdings of MU. Golden State Wealth Management LLC purchased a new position in Micron Technology during the 4th quarter worth approximately $166,000. Prairie Wealth Advisors Inc. raised its position in Micron Technology by 5.6% during the 4th quarter. Prairie Wealth Advisors Inc. now owns 2,472 shares of the semiconductor manufacturer’s stock worth $208,000 after buying an additional 130 shares during the last quarter. Ameliora Wealth Management Ltd. raised its position in Micron Technology by 41.0% during the 4th quarter. Ameliora Wealth Management Ltd. now owns 2,011 shares of the semiconductor manufacturer’s stock worth $169,000 after buying an additional 585 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Micron Technology by 5.5% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 133,326 shares of the semiconductor manufacturer’s stock worth $11,221,000 after buying an additional 7,004 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Micron Technology by 1.7% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,348,661 shares of the semiconductor manufacturer’s stock worth $365,983,000 after buying an additional 72,416 shares during the last quarter. Institutional investors 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.