Micron Technology (NASDAQ:MU) Given New $120.00 Price Target at Needham & Company LLC

Micron Technology (NASDAQ:MU) had its target price dropped by research analysts at Needham & Company LLC from $140.00 to $120.00 in a research report issued to clients and investors on Thursday, Marketbeat reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. Needham & Company LLC’s price target would indicate a potential upside of 33.16% from the company’s previous close.

MU has been the subject of a number of other reports. Susquehanna decreased their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday, September 26th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $135.00 target price on shares of Micron Technology in a research report on Friday, December 13th. Morgan Stanley boosted their price target on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. Bank of America increased their price objective on shares of Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Sanford C. Bernstein reduced their target price 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. One 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. Based on data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $132.26.

Micron Technology Stock Performance

MU stock opened at $90.12 on Thursday. The stock’s 50 day simple moving average is $103.14 and its 200 day simple moving average is $108.67. Micron Technology has a 12-month low of $79.15 and a 12-month high of $157.54. The firm has a market cap of $100.40 billion, a P/E ratio of 132.53 and a beta of 1.16. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same period in the prior year, the company earned ($0.95) earnings per share. The firm’s revenue was up 84.3% compared to the same quarter last year. As a group, equities research analysts predict that Micron Technology will post 8.31 EPS for the current year.

Insider Transactions 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 completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $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 available at the SEC website. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Several institutional investors and hedge funds have recently bought and sold shares of MU. Highline Wealth Partners LLC purchased a new position in Micron Technology during the 3rd quarter worth approximately $26,000. LRI Investments LLC boosted its position in shares of Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after buying an additional 99 shares during the period. Davis Capital Management purchased a new position in shares of Micron Technology during the third quarter valued at $30,000. Strategic Investment Solutions Inc. IL acquired a new position in Micron Technology during the second quarter valued at $39,000. Finally, New Millennium Group LLC purchased a new stake in Micron Technology in the 2nd quarter worth about $39,000. 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.