Morgan Stanley Increases Micron Technology (NASDAQ:MU) Price Target to $112.00

Micron Technology (NASDAQ:MU) had its price target lifted by stock analysts at Morgan Stanley from $91.00 to $112.00 in a report released on Friday,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 18.24% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Sanford C. Bernstein reduced their target price on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Bank of America lowered shares of Micron Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $125.00 to $110.00 in a report on Thursday, December 19th. Cantor Fitzgerald reduced their target price on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Rosenblatt Securities reduced their target price on shares of Micron Technology from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Friday. Finally, Barclays reduced their target price on shares of Micron Technology from $145.00 to $110.00 and set an “overweight” rating on the stock in a report on Friday, December 20th. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and an average price target of $132.63.

Micron Technology Price Performance

Micron Technology stock opened at $94.72 on Friday. Micron Technology has a 52 week low of $83.54 and a 52 week high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The firm’s 50-day simple moving average is $96.82 and its 200 day simple moving average is $98.28. The firm has a market capitalization of $105.53 billion, a PE ratio of 27.30 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same period in the previous year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 38.2% compared to the same quarter last year. On average, equities research analysts predict that Micron Technology will post 6.08 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were 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 represents a 8.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Sunbeam Capital Management LLC acquired a new stake in Micron Technology during the 4th quarter worth approximately $26,000. Stone House Investment Management LLC grew its position in Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 277 shares in the last quarter. True Wealth Design LLC grew its position in Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. Beacon Capital Management LLC grew its position in Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after acquiring an additional 200 shares in the last quarter. Finally, Darwin Wealth Management LLC acquired a new stake in Micron Technology in the third quarter valued at approximately $39,000. 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.