Citigroup Lowers Micron Technology (NASDAQ:MU) Price Target to $120.00

Micron Technology (NASDAQ:MU) had its price objective lowered by research analysts at Citigroup from $150.00 to $120.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s price objective suggests a potential upside of 26.69% from the stock’s previous close.

MU has been the topic of several other research reports. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a report on Friday, February 21st. Morgan Stanley raised their target price on shares of Micron Technology from $91.00 to $112.00 and gave the stock an “equal weight” rating in a report on Friday. UBS Group raised their target price on shares of Micron Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, March 17th. Piper Sandler dropped their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Needham & Company LLC dropped their price target on shares of Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.63.

Micron Technology Price Performance

Shares of MU opened at $94.72 on Friday. The company has a market capitalization of $105.53 billion, a P/E ratio of 27.30 and a beta of 1.23. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $96.82 and a 200 day moving average of $98.28. Micron Technology has a twelve month low of $83.54 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter last year, the company posted $0.42 earnings per share. The firm’s quarterly revenue was up 38.2% on a year-over-year basis. As a group, equities research analysts anticipate that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the sale, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. The trade was a 8.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Institutional Trading of Micron Technology

A number of large investors have recently made changes to their positions in the business. Fairtree Asset Management Pty Ltd bought a new stake in shares of Micron Technology in the 4th quarter worth about $554,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Micron Technology by 10.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 350,612 shares of the semiconductor manufacturer’s stock worth $29,507,000 after buying an additional 32,502 shares during the last quarter. NorthCrest Asset Manangement LLC increased its holdings in shares of Micron Technology by 6.3% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 38,002 shares of the semiconductor manufacturer’s stock worth $3,198,000 after buying an additional 2,264 shares during the last quarter. PKO Investment Management Joint Stock Co bought a new stake in shares of Micron Technology in the 4th quarter worth about $6,060,000. Finally, Centaurus Financial Inc. increased its holdings in shares of Micron Technology by 52.2% in the 4th quarter. Centaurus Financial Inc. now owns 44,357 shares of the semiconductor manufacturer’s stock worth $3,733,000 after buying an additional 15,216 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

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.