Needham & Company LLC Cuts Micron Technology (NASDAQ:MU) Price Target to $120.00

Micron Technology (NASDAQ:MU) had its price target decreased by equities researchers at Needham & Company LLC from $140.00 to $120.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Needham & Company LLC’s target price points to a potential upside of 15.50% from the stock’s current price.

Several other equities analysts also recently issued reports on MU. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price target on shares of Micron Technology in a report on Wednesday. Raymond James boosted their target price on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. China Renaissance initiated coverage on Micron Technology in a report on Monday, October 28th. They set a “buy” rating and a $148.00 price target for the company. UBS Group lowered their target price on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Finally, KeyCorp reduced their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.67.

Micron Technology Price Performance

Shares of MU stock opened at $103.90 on Thursday. Micron Technology has a 12 month low of $78.63 and a 12 month high of $157.54. The company has a market capitalization of $115.75 billion, a P/E ratio of 152.80 and a beta of 1.16. The stock has a 50 day moving average of $103.85 and a two-hundred day moving average of $109.09. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results 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 firm had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business’s revenue was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.95) earnings per share. As a group, equities analysts expect that Micron Technology will post 8.31 EPS for the current year.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MU. Highline Wealth Partners LLC bought a new position in Micron Technology in the third quarter valued at approximately $26,000. Davis Capital Management acquired a new position in Micron Technology during the third quarter worth $30,000. True Wealth Design LLC raised its position in Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares in the last quarter. DT Investment Partners LLC lifted its stake in Micron Technology by 261.1% in the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 235 shares during the last quarter. Finally, Stone House Investment Management LLC grew 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 during the period. Institutional investors and hedge funds 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.