Morgan Stanley Lowers Micron Technology (NASDAQ:MU) Price Target to $98.00

Micron Technology (NASDAQ:MU) had its target price reduced by research analysts at Morgan Stanley from $114.00 to $98.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor manufacturer’s stock. Morgan Stanley’s price objective indicates a potential upside of 12.35% from the company’s previous close.

MU has been the subject of a number of other reports. Robert W. Baird decreased their price target on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday. TD Cowen cut their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday. Rosenblatt Securities reiterated a “buy” rating and set a $250.00 price target on shares of Micron Technology in a research report on Wednesday. Needham & Company LLC reduced their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday. Finally, KeyCorp dropped their price target on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $133.56.

Micron Technology Stock Performance

Shares of Micron Technology stock traded down $16.67 on Thursday, reaching $87.23. 62,437,751 shares of the stock were exchanged, compared to its average volume of 21,780,791. Micron Technology has a twelve month low of $78.63 and a twelve month high of $157.54. The business has a 50 day moving average price of $103.85 and a two-hundred day moving average price of $109.09. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $97.18 billion, a price-to-earnings ratio of 128.28 and a beta of 1.16.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business’s quarterly revenue was up 84.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.95) earnings per share. Analysts anticipate that Micron Technology will post 8.31 earnings per share for the current fiscal year.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several hedge funds have recently made changes to their positions in MU. Principal Financial Group Inc. increased its stake in Micron Technology by 4.4% during the 3rd quarter. Principal Financial Group Inc. now owns 1,255,931 shares of the semiconductor manufacturer’s stock worth $130,253,000 after buying an additional 52,912 shares during the period. Dantai Capital Ltd increased its position in shares of Micron Technology by 25.0% during the third quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock worth $2,380,000 after acquiring an additional 4,590 shares during the period. Franklin Resources Inc. raised its stake in shares of Micron Technology by 4.6% in the third quarter. Franklin Resources Inc. now owns 7,283,124 shares of the semiconductor manufacturer’s stock valued at $789,054,000 after acquiring an additional 321,955 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in Micron Technology by 3.2% in the third quarter. Peapack Gladstone Financial Corp now owns 13,102 shares of the semiconductor manufacturer’s stock valued at $1,359,000 after purchasing an additional 411 shares during the period. Finally, Synovus Financial Corp grew its stake in Micron Technology by 58.8% during the 3rd quarter. Synovus Financial Corp now owns 21,859 shares of the semiconductor manufacturer’s stock worth $2,267,000 after purchasing an additional 8,095 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.