Rosenblatt Securities Issues Pessimistic Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its target price lowered by equities research analysts at Rosenblatt Securities from $250.00 to $200.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 111.15% from the company’s current price.

MU has been the topic of a number of other research reports. Wells Fargo & Company cut their price target on shares of Micron Technology from $140.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Morgan Stanley cut their price objective on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 28th. Robert W. Baird increased their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. cut their price objective on shares of Micron Technology from $180.00 to $145.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Stifel Nicolaus cut their price objective on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $132.63.

Micron Technology Trading Down 8.0 %

Shares of Micron Technology stock opened at $94.72 on Friday. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. Micron Technology has a 12-month low of $83.54 and a 12-month high of $157.54. The firm has a market capitalization of $105.53 billion, a price-to-earnings ratio of 27.30 and a beta of 1.23. The firm’s 50 day simple moving average is $96.82 and its two-hundred day simple moving average is $98.28.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the business posted $0.42 EPS. Micron Technology’s revenue for the quarter was up 38.2% compared to the same quarter last year. Analysts predict that Micron Technology will post 6.08 EPS for the current year.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction 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 transaction, the director now directly owns 27,358 shares of the company’s stock, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sunbeam Capital Management LLC purchased a new position in Micron Technology during the fourth quarter valued at $26,000. Stone House Investment Management LLC lifted its holdings in Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares in the last quarter. True Wealth Design LLC raised its position in shares of 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 buying an additional 296 shares during the last quarter. Beacon Capital Management LLC raised its position in shares of 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 buying an additional 200 shares during the last quarter. Finally, Darwin Wealth Management LLC acquired a new stake in shares of Micron Technology in the third quarter valued at about $39,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

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.