JPMorgan Chase & Co. Has Lowered Expectations for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price target dropped by analysts at JPMorgan Chase & Co. from $145.00 to $135.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 42.53% from the company’s previous close.

Several other brokerages have also recently weighed in on MU. Sanford C. Bernstein decreased their price target on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a research note on Friday. Mizuho decreased their price target on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. Piper Sandler decreased their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, Robert W. Baird raised their price target on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.63.

Micron Technology Price Performance

NASDAQ MU opened at $94.72 on Friday. The business has a 50 day simple moving average of $96.82 and a 200 day simple moving average of $98.28. 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 cap of $105.53 billion, a price-to-earnings ratio of 27.30 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last posted its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. Micron Technology’s revenue for the quarter was up 38.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.42 EPS. Analysts anticipate that Micron Technology will post 6.08 earnings per share for the current fiscal year.

Insider Transactions 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 completion of the sale, the director now owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Micron Technology

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