Micron Technology (NASDAQ:MU) Price Target Lowered to $130.00 at Cantor Fitzgerald

Micron Technology (NASDAQ:MU) had its price target dropped by stock analysts at Cantor Fitzgerald from $150.00 to $130.00 in a report released on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 48.42% from the company’s previous close.

Other analysts have also recently issued reports about the company. Sanford C. Bernstein reduced their target price on Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday. Wedbush restated an “outperform” rating and issued a $140.00 target price on shares of Micron Technology in a report on Tuesday. China Renaissance started coverage on Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 price objective on the stock. Stifel Nicolaus reaffirmed a “buy” rating and set a $135.00 target price on shares of Micron Technology in a research note on Friday, December 13th. Finally, Citigroup reduced their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $136.56.

Micron Technology Price Performance

Shares of MU stock traded down $16.31 during trading hours on Thursday, reaching $87.59. The company’s stock had a trading volume of 53,323,541 shares, compared to its average volume of 21,733,707. Micron Technology has a fifty-two week low of $78.63 and a fifty-two week high of $157.54. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The firm’s 50 day simple moving average is $103.85 and its 200-day simple moving average is $109.09. The company has a market capitalization of $97.58 billion, a price-to-earnings ratio of 128.81 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The business 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%. Micron Technology’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.95) EPS. Sell-side analysts forecast that Micron Technology will post 8.31 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. The trade was a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

A number of hedge funds have recently made changes to their positions in the stock. Harmony Asset Management LLC boosted its stake in shares of Micron Technology by 75.6% in the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock valued at $1,233,000 after purchasing an additional 5,120 shares in the last quarter. Lazard Freres Gestion S.A.S. lifted its stake in Micron Technology by 241.7% in the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock worth $4,252,000 after purchasing an additional 29,000 shares during the last quarter. Chartwell Investment Partners LLC boosted its position in Micron Technology by 26.4% during the third quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock valued at $20,236,000 after buying an additional 40,802 shares during the period. State Street Corp grew its stake in shares of Micron Technology by 3.1% during the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after buying an additional 1,434,568 shares during the last quarter. Finally, Global X Japan Co. Ltd. increased its holdings in shares of Micron Technology by 23.1% in the third quarter. Global X Japan Co. Ltd. now owns 51,832 shares of the semiconductor manufacturer’s stock worth $5,375,000 after buying an additional 9,735 shares during the period. 80.84% of the stock is owned by institutional investors.

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.