Micron Technology (NASDAQ:MU) PT Lowered to $70.00

Micron Technology (NASDAQ:MUGet Rating) had its target price decreased by equities research analysts at Wells Fargo & Company from $75.00 to $70.00 in a note issued to investors on Wednesday, The Fly reports. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 26.81% from the stock’s current price.

MU has been the subject of several other reports. Exane BNP Paribas started coverage on shares of Micron Technology in a research report on Tuesday, September 13th. They issued an “outperform” rating and a $75.00 price target for the company. Credit Suisse Group started coverage on shares of Micron Technology in a research report on Tuesday, November 15th. They issued an “outperform” rating and a $78.00 price target for the company. Loop Capital started coverage on shares of Micron Technology in a research report on Thursday, October 13th. They issued a “buy” rating and a $70.00 price target for the company. BNP Paribas started coverage on shares of Micron Technology in a research report on Tuesday, September 13th. They issued an “outperform” rating and a $75.00 price target for the company. Finally, BMO Capital Markets decreased their price target on shares of Micron Technology from $80.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, September 30th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $69.72.

Micron Technology Price Performance

MU stock opened at $55.20 on Wednesday. The company has a 50 day simple moving average of $55.59 and a 200 day simple moving average of $58.35. The stock has a market cap of $60.22 billion, a price-to-earnings ratio of 7.14 and a beta of 1.28. Micron Technology has a 1 year low of $48.45 and a 1 year high of $98.45. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.89 and a quick ratio of 2.01.

Micron Technology (NASDAQ:MUGet Rating) last released its quarterly earnings data on Thursday, September 29th. The semiconductor manufacturer reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.07. The business had revenue of $6.64 billion during the quarter, compared to analysts’ expectations of $6.78 billion. Micron Technology had a net margin of 28.24% and a return on equity of 18.75%. The firm’s quarterly revenue was down 19.7% compared to the same quarter last year. During the same period in the prior year, the company earned $2.37 EPS. Research analysts anticipate that Micron Technology will post -0.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MU. Vanguard Group Inc. raised its holdings in shares of Micron Technology by 1.2% in the first quarter. Vanguard Group Inc. now owns 90,507,938 shares of the semiconductor manufacturer’s stock valued at $7,049,663,000 after purchasing an additional 1,037,418 shares during the last quarter. State Street Corp raised its holdings in shares of Micron Technology by 0.4% in the third quarter. State Street Corp now owns 45,472,484 shares of the semiconductor manufacturer’s stock valued at $2,278,171,000 after purchasing an additional 183,309 shares during the last quarter. Sanders Capital LLC raised its holdings in shares of Micron Technology by 0.5% in the third quarter. Sanders Capital LLC now owns 42,131,053 shares of the semiconductor manufacturer’s stock valued at $2,110,766,000 after purchasing an additional 190,553 shares during the last quarter. Capital World Investors raised its holdings in shares of Micron Technology by 28.8% in the first quarter. Capital World Investors now owns 35,314,215 shares of the semiconductor manufacturer’s stock valued at $2,750,624,000 after purchasing an additional 7,894,757 shares during the last quarter. Finally, Capital Research Global Investors raised its holdings in shares of Micron Technology by 28.6% in the first quarter. Capital Research Global Investors now owns 33,193,160 shares of the semiconductor manufacturer’s stock valued at $2,585,436,000 after purchasing an additional 7,380,205 shares during the last quarter. 79.66% of the stock is owned by institutional investors.

About Micron Technology

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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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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