Micron Technology (NASDAQ:MU) Price Target Cut to $95.00

Micron Technology (NASDAQ:MU – Get Rating) had its target price dropped by Mizuho from $113.00 to $95.00 in a research report issued to clients and investors on Tuesday, The Fly reports. Mizuho’s price target indicates a potential upside of 68.62% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Piper Sandler cut shares of Micron Technology from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $90.00 to $70.00 in a research note on Friday, June 3rd. Sanford C. Bernstein raised shares of Micron Technology from a “market perform” rating to an “outperform” rating and set a $94.00 price objective for the company in a research note on Wednesday, March 16th. Citigroup dropped their price objective on shares of Micron Technology from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, June 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $165.00 target price on shares of Micron Technology in a research note on Wednesday, March 30th. Finally, Morgan Stanley lifted their target price on shares of Micron Technology from $77.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.17.

Shares of Micron Technology stock opened at $56.34 on Tuesday. Micron Technology has a 12-month low of $53.60 and a 12-month high of $98.45. The company has a current ratio of 3.11, a quick ratio of 2.33 and a debt-to-equity ratio of 0.15. The stock has a market cap of $62.91 billion, a PE ratio of 7.09, a price-to-earnings-growth ratio of 0.19 and a beta of 1.17. The company has a 50-day moving average of $68.07 and a two-hundred day moving average of $79.08.

Micron Technology (NASDAQ:MU – Get Rating) last issued its earnings results on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.20. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. The company had revenue of $7.79 billion during the quarter, compared to analysts’ expectations of $7.53 billion. During the same period last year, the company posted $0.90 earnings per share. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year. On average, sell-side analysts forecast that Micron Technology will post 9.15 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hellman Jordan Management Co. Inc. MA lifted its stake in shares of Micron Technology by 13.6% in the first quarter. Hellman Jordan Management Co. Inc. MA now owns 7,500 shares of the semiconductor manufacturer’s stock worth $584,000 after acquiring an additional 899 shares in the last quarter. IMA Wealth Inc. lifted its stake in shares of Micron Technology by 3.4% in the first quarter. IMA Wealth Inc. now owns 33,851 shares of the semiconductor manufacturer’s stock worth $2,637,000 after acquiring an additional 1,127 shares in the last quarter. J.W. Cole Advisors Inc. lifted its stake in shares of Micron Technology by 9.4% in the first quarter. J.W. Cole Advisors Inc. now owns 4,636 shares of the semiconductor manufacturer’s stock worth $361,000 after acquiring an additional 400 shares in the last quarter. City State Bank lifted its stake in shares of Micron Technology by 2.9% in the first quarter. City State Bank now owns 14,720 shares of the semiconductor manufacturer’s stock worth $1,147,000 after acquiring an additional 414 shares in the last quarter. Finally, Kestra Private Wealth Services LLC lifted its stake in shares of Micron Technology by 1.0% in the first quarter. Kestra Private Wealth Services LLC now owns 28,238 shares of the semiconductor manufacturer’s stock worth $2,199,000 after acquiring an additional 284 shares in the last quarter. 80.35% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Company Profile (Get Rating)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded 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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