Cantor Fitzgerald Lowers Micron Technology (NASDAQ:MU) Price Target to $130.00

Micron Technology (NASDAQ:MU) had its price objective reduced by Cantor Fitzgerald from $150.00 to $130.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. Cantor Fitzgerald’s target price suggests a potential upside of 44.25% from the company’s current price.

Several other research firms have also commented on MU. KeyCorp dropped their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. Susquehanna cut their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a report on Thursday, September 26th. Citigroup decreased their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Needham & Company LLC cut their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $110.00 in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.26.

Micron Technology Price Performance

MU stock opened at $90.12 on Thursday. The company has a fifty day simple moving average of $103.14 and a two-hundred day simple moving average of $108.67. Micron Technology has a 52 week low of $79.15 and a 52 week high of $157.54. 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 $100.40 billion, a P/E ratio of 132.53 and a beta of 1.16.

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

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction 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 represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is owned by insiders.

Institutional Trading of Micron Technology

Institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp grew its position in Micron Technology by 30.6% during the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock worth $1,109,769,000 after purchasing an additional 2,477,985 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Micron Technology by 21.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock worth $1,174,643,000 after buying an additional 2,022,180 shares during the period. State Street Corp lifted its stake 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 worth $5,001,592,000 after buying an additional 1,434,568 shares during the period. Worldquant Millennium Advisors LLC grew its holdings in shares of Micron Technology by 254.4% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer’s stock valued at $192,840,000 after buying an additional 1,334,690 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in shares of Micron Technology by 1,233.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,430,619 shares of the semiconductor manufacturer’s stock valued at $145,470,000 after acquiring an additional 1,323,352 shares during the period. 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.