Micron Technology (NASDAQ:MU) Shares Gap Down Following Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU)’s stock price gapped down before the market opened on Friday after Rosenblatt Securities lowered their price target on the stock from $250.00 to $200.00. The stock had previously closed at $103.00, but opened at $98.20. Rosenblatt Securities currently has a buy rating on the stock. Micron Technology shares last traded at $95.96, with a volume of 17,365,194 shares trading hands.

MU has been the topic of several other research reports. Piper Sandler reduced their target price on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Bank of America downgraded shares of Micron Technology from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Sanford C. Bernstein decreased their price target on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. Morgan Stanley decreased their price target on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a report on Tuesday, January 28th. Finally, Cantor Fitzgerald decreased their price target on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $134.32.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in MU. Sunbeam Capital Management LLC acquired a new stake in Micron Technology during the fourth quarter valued at approximately $26,000. Beacon Capital Management LLC lifted its position in shares of Micron Technology by 114.9% in the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after acquiring an additional 200 shares in the last quarter. True Wealth Design LLC lifted its position in shares of Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. Midwest Capital Advisors LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at approximately $33,000. Finally, Stone House Investment Management LLC lifted its position in shares of Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 277 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Trading Down 7.5 %

The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The firm has a market cap of $106.12 billion, a PE ratio of 27.72 and a beta of 1.23. The company’s 50-day moving average is $96.92 and its 200 day moving average is $98.22.

Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The company’s revenue was up 38.2% compared to the same quarter last year. As a group, sell-side analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

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.