Piper Sandler Cuts Micron Technology (NASDAQ:MU) Price Target to $120.00

Micron Technology (NASDAQ:MU) had its price target decreased by research analysts at Piper Sandler from $150.00 to $120.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. Piper Sandler’s price target points to a potential upside of 37.57% from the stock’s current price.

A number of other research analysts have also commented on the stock. Sanford C. Bernstein decreased their price target on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday. Mizuho dropped their target price on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday. Morgan Stanley upped their price target on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. The Goldman Sachs Group dropped their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday. Finally, BNP Paribas lowered shares of Micron Technology from an “outperform” rating to an “underperform” rating and decreased their target price for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $133.56.

Micron Technology Stock Down 16.0 %

Shares of MU stock traded down $16.67 during trading on Thursday, reaching $87.23. The company’s stock had a trading volume of 62,437,751 shares, compared to its average volume of 21,780,791. The company has a market cap of $97.18 billion, a price-to-earnings ratio of 128.28 and a beta of 1.16. Micron Technology has a one year low of $78.63 and a one year high of $157.54. The business has a fifty day moving average price of $103.85 and a 200-day moving average price of $109.09. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

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

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’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 sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

Large investors have recently bought and sold shares of the stock. State Street Corp grew its position in Micron Technology by 3.1% in the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after purchasing an additional 1,434,568 shares during the period. Primecap Management Co. CA lifted its stake in shares of Micron Technology by 0.6% in the third quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer’s stock valued at $3,902,800,000 after buying an additional 206,499 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Micron Technology by 3.9% during the third quarter. Geode Capital Management LLC now owns 23,723,545 shares of the semiconductor manufacturer’s stock valued at $2,451,987,000 after buying an additional 892,607 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Micron Technology by 21.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock worth $1,174,643,000 after acquiring an additional 2,022,180 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Micron Technology by 30.6% in the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock worth $1,109,769,000 after acquiring an additional 2,477,985 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.