Micron Technology (NASDAQ:MU) Given New $130.00 Price Target at Cantor Fitzgerald

Micron Technology (NASDAQ:MU) had its price objective cut by equities researchers at Cantor Fitzgerald from $150.00 to $130.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. Cantor Fitzgerald’s price target points to a potential upside of 48.42% from the company’s current price.

Other research analysts also recently issued reports about the stock. TD Cowen reduced their price objective on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday. BNP Paribas lowered shares of Micron Technology from an “outperform” rating to an “underperform” rating and lowered their price objective for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. Stifel Nicolaus reiterated a “buy” rating and set a $135.00 target price on shares of Micron Technology in a report on Friday, December 13th. Robert W. Baird dropped their price target on Micron Technology from $150.00 to $130.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, China Renaissance started coverage on Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $136.56.

Micron Technology Trading Down 15.7 %

Shares of MU stock traded down $16.31 during mid-day trading on Thursday, reaching $87.59. The stock had a trading volume of 53,323,541 shares, compared to its average volume of 21,733,707. The firm has a market capitalization of $97.58 billion, a PE ratio of 128.81 and a beta of 1.16. The stock’s 50-day moving average price is $103.85 and its two-hundred day moving average price is $109.09. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology has a 52-week low of $78.63 and a 52-week high of $157.54.

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

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by corporate insiders.

Institutional Trading of Micron Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Harmony Asset Management LLC increased its holdings in Micron Technology by 75.6% in the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock worth $1,233,000 after acquiring an additional 5,120 shares in the last quarter. Lazard Freres Gestion S.A.S. increased its stake in shares of Micron Technology by 241.7% in the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock worth $4,252,000 after purchasing an additional 29,000 shares in the last quarter. Chartwell Investment Partners LLC raised its position in shares of Micron Technology by 26.4% during the 3rd quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer’s stock valued at $20,236,000 after purchasing an additional 40,802 shares during the period. State Street Corp lifted its stake in shares of Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after buying an additional 1,434,568 shares in the last quarter. Finally, Global X Japan Co. Ltd. boosted its holdings in Micron Technology by 23.1% in the 3rd quarter. Global X Japan Co. Ltd. now owns 51,832 shares of the semiconductor manufacturer’s stock worth $5,375,000 after buying an additional 9,735 shares during the period. Hedge funds and other institutional investors 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.