Micron Technology (NASDAQ:MU) Shares Gap Down Following Analyst Downgrade

Micron Technology, Inc. (NASDAQ:MU) gapped down prior to trading on Friday after Rosenblatt Securities lowered their price target on the stock from $250.00 to $200.00. The stock had previously closed at $103.00, but opened at $98.20. Rosenblatt Securities currently has a buy rating on the stock. Micron Technology shares last traded at $95.96, with a volume of 17,365,194 shares trading hands.

MU has been the subject of several other research reports. Cantor Fitzgerald decreased their target price on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. TD Cowen decreased their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. Barclays decreased their target price on shares of Micron Technology from $145.00 to $110.00 and set an “overweight” rating for the company in a research note on Friday, December 20th. Finally, Morgan Stanley decreased their target price on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.32.

Insider Transactions at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s 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 sale, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

A number of hedge funds have recently bought and sold shares of MU. Sunbeam Capital Management LLC acquired a new stake in Micron Technology during the fourth quarter worth approximately $26,000. Beacon Capital Management LLC boosted its position in Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock worth $31,000 after acquiring an additional 200 shares during the last quarter. True Wealth Design LLC boosted its position in Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 296 shares during the last quarter. Midwest Capital Advisors LLC acquired a new stake in Micron Technology during the fourth quarter worth approximately $33,000. Finally, Stone House Investment Management LLC boosted its position 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 worth $34,000 after acquiring an additional 277 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Performance

The company has a market cap of $106.12 billion, a price-to-earnings ratio of 27.72 and a beta of 1.23. The stock’s fifty day simple moving average is $96.92 and its two-hundred day simple moving average is $98.22. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results 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. The company had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue for the quarter was up 38.2% on a year-over-year basis. During the same quarter last year, the business earned $0.42 EPS. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

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.