Micron Technology (NASDAQ:MU) Given New $120.00 Price Target at Citigroup

Micron Technology (NASDAQ:MU) had its target price decreased by Citigroup from $150.00 to $120.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor manufacturer’s stock. Citigroup’s target price suggests a potential upside of 26.42% from the stock’s current price.

MU has been the topic of several other research reports. The Goldman Sachs Group lowered their price objective on Micron Technology from $145.00 to $128.00 and set a “buy” rating on the stock in a research report on Thursday, December 19th. Morgan Stanley raised their price target on shares of Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research report on Friday. Barclays lifted their price objective on shares of Micron Technology from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Friday. Mizuho lowered their target price on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, December 19th. Finally, Stifel Nicolaus cut their price target on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $132.92.

Micron Technology Stock Performance

Shares of Micron Technology stock traded down $8.08 during trading on Friday, hitting $94.92. 47,286,518 shares of the company’s stock were exchanged, compared to its average volume of 22,777,904. Micron Technology has a 52-week low of $83.54 and a 52-week high of $157.54. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a market capitalization of $105.76 billion, a price-to-earnings ratio of 27.35 and a beta of 1.23. The business has a 50-day simple moving average of $96.92 and a 200-day simple moving average of $98.22.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share 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 business had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter last year, the business posted $0.42 EPS. The company’s revenue was up 38.2% on a year-over-year basis. On average, research analysts forecast that Micron Technology will post 6.08 EPS for the current year.

Insider Buying and Selling at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction 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 transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Micron Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Fairtree Asset Management Pty Ltd acquired a new position in Micron Technology in the fourth quarter valued at approximately $554,000. Wealth Enhancement Advisory Services LLC lifted its stake 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 valued at $29,507,000 after purchasing an additional 32,502 shares during the last quarter. NorthCrest Asset Manangement LLC grew its holdings in shares of Micron Technology by 6.3% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 38,002 shares of the semiconductor manufacturer’s stock worth $3,198,000 after purchasing an additional 2,264 shares during the period. PKO Investment Management Joint Stock Co purchased a new position in shares of Micron Technology during the 4th quarter worth $6,060,000. Finally, Centaurus Financial Inc. increased its position in shares of Micron Technology by 52.2% during the 4th quarter. Centaurus Financial Inc. now owns 44,357 shares of the semiconductor manufacturer’s stock worth $3,733,000 after purchasing an additional 15,216 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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.