Micron Technology (NASDAQ:MU) Price Target Lowered to $135.00 at JPMorgan Chase & Co.

Micron Technology (NASDAQ:MU) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $145.00 to $135.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 42.53% from the company’s previous close.

MU has been the topic of a number of other reports. Mizuho cut their price target on Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. KGI Securities raised Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. Rosenblatt Securities cut their price target on Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Friday. Morgan Stanley lifted their price target on Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Stifel Nicolaus cut their price target on Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. One investment 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 assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $132.63.

Micron Technology Stock Performance

Micron Technology stock opened at $94.72 on Friday. Micron Technology has a 12-month low of $83.54 and a 12-month high of $157.54. 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 business’s 50-day moving average price is $96.82 and its two-hundred day moving average price is $98.28. The stock has a market cap of $105.53 billion, a PE ratio of 27.30 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.05 billion for the quarter, compared to analysts’ expectations of $7.93 billion. During the same quarter in the previous year, the business posted $0.42 earnings per share. The business’s revenue for the quarter was up 38.2% on a year-over-year basis. As a group, analysts expect 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 that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares in the company, valued at $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Micron Technology by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer’s stock valued at $8,403,982,000 after acquiring an additional 888,087 shares in the last quarter. State Street Corp increased its holdings in shares of Micron Technology by 3.1% during the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after acquiring an additional 1,434,568 shares in the last quarter. FMR LLC increased its holdings in shares of Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after acquiring an additional 12,249,341 shares in the last quarter. Capital World Investors increased its holdings in shares of Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after acquiring an additional 15,993,036 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Micron Technology by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer’s stock valued at $2,052,973,000 after acquiring an additional 726,282 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Micron Technology Company Profile

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.