Micron Technology, Inc. (NASDAQ:MU) had its target price reduced by stock analysts at Loop Capital from $48.00 to $47.00 in a research note issued on Friday. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Loop Capital’s price target would suggest a potential upside of 15.82% from the stock’s current price.

Other analysts have also recently issued reports about the stock. UBS AG reaffirmed an “average” rating and set a $36.00 target price (up from $32.00) on shares of Micron Technology in a report on Friday, June 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of Micron Technology in a report on Friday, June 30th. Instinet reaffirmed a “buy” rating and set a $40.00 target price on shares of Micron Technology in a report on Friday, June 30th. Mizuho upped their target price on shares of Micron Technology from $35.00 to $38.00 and gave the company a “buy” rating in a report on Friday, June 30th. Finally, BidaskClub cut shares of Micron Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. Micron Technology currently has a consensus rating of “Buy” and an average price target of $45.02.

Micron Technology (NASDAQ:MU) opened at 40.58 on Friday. The company has a 50-day moving average of $35.64 and a 200 day moving average of $31.03. Micron Technology has a 12-month low of $16.45 and a 12-month high of $42.07. The company has a market capitalization of $45.00 billion, a P/E ratio of 9.20 and a beta of 1.82.

Micron Technology (NASDAQ:MU) last announced its earnings results on Tuesday, September 26th. The semiconductor manufacturer reported $2.02 EPS for the quarter, beating the Zacks’ consensus estimate of $1.84 by $0.18. Micron Technology had a net margin of 25.04% and a return on equity of 32.09%. The business had revenue of $6.14 billion during the quarter, compared to analysts’ expectations of $5.97 billion. During the same period in the prior year, the company earned ($0.01) earnings per share. The firm’s revenue was up 90.8% on a year-over-year basis. Equities research analysts forecast that Micron Technology will post $7.55 earnings per share for the current fiscal year.

WARNING: “Micron Technology, Inc. (MU) PT Lowered to $47.00 at Loop Capital” was reported by American Banking News and is owned by of American Banking News. If you are viewing this news story on another publication, it was stolen and republished in violation of United States and international trademark and copyright legislation. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/10/13/micron-technology-inc-mu-pt-lowered-to-47-00-at-loop-capital.html.

In related news, EVP Scott J. Deboer sold 16,950 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The shares were sold at an average price of $41.40, for a total value of $701,730.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Ernest E. Maddock purchased 3,400 shares of Micron Technology stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average cost of $27.89 per share, for a total transaction of $94,826.00. Following the purchase, the chief financial officer now directly owns 192,385 shares in the company, valued at $5,365,617.65. The disclosure for this purchase can be found here. Insiders sold a total of 304,415 shares of company stock worth $11,322,305 in the last ninety days. 0.69% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vantage Financial Partners Ltd. Inc. purchased a new position in Micron Technology during the 2nd quarter valued at about $500,000. IHT Wealth Management LLC purchased a new position in Micron Technology during the 2nd quarter valued at about $1,056,000. Wynnefield Capital Inc. purchased a new position in Micron Technology during the 1st quarter valued at about $13,519,000. Captrust Financial Advisors purchased a new position in Micron Technology during the 2nd quarter valued at about $107,000. Finally, Guardian Life Insurance Co. of America increased its position in Micron Technology by 0.3% during the 1st quarter. Guardian Life Insurance Co. of America now owns 4,004 shares of the semiconductor manufacturer’s stock valued at $116,000 after purchasing an additional 13 shares during the period. 79.29% of the stock is currently owned by institutional investors and hedge funds.

About Micron Technology

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Receive News & Ratings for Micron Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Micron Technology Inc. and related companies with MarketBeat.com's FREE daily email newsletter.