Micron Technology Inc. (NASDAQ:MU) had its price target cut by equities research analysts at Goldman Sachs Group Inc. from $18.00 to $16.00 in a note issued to investors on Wednesday, StockTargetPrices.com reports. The firm presently has a “neutral” rating on the semiconductor manufacturer’s stock. Goldman Sachs Group Inc.’s price objective suggests a potential downside of 10.11% from the stock’s previous close.
Several other research analysts also recently commented on the stock. Barclays PLC lifted their price target on shares of Micron Technology from $19.00 to $23.00 and gave the stock an “overweight” rating in a research note on Monday. Vetr downgraded shares of Micron Technology from a “strong-buy” rating to a “buy” rating and set a $17.99 target price on the stock. in a research note on Thursday, August 25th. Cowen and Company reaffirmed a “buy” rating and issued a $15.00 target price on shares of Micron Technology in a research note on Friday, July 1st. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $20.00 target price on shares of Micron Technology in a research note on Tuesday, July 26th. Finally, Brean Capital reaffirmed a “buy” rating and issued a $14.00 target price on shares of Micron Technology in a research note on Sunday, July 17th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $17.92.
Micron Technology (NASDAQ:MU) opened at 17.80 on Wednesday. Micron Technology has a 12-month low of $9.31 and a 12-month high of $19.30. The firm’s 50-day moving average is $16.90 and its 200 day moving average is $13.23. The firm has a market cap of $18.48 billion, a P/E ratio of 51.15 and a beta of 1.77.
Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.12. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.07 billion. Micron Technology had a net margin of 2.86% and a return on equity of 3.95%. The business’s revenue was down 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.37 earnings per share. Equities analysts forecast that Micron Technology will post ($0.01) earnings per share for the current year.
In other Micron Technology news, VP Scott J. Deboer sold 31,500 shares of the stock in a transaction on Monday, August 29th. The stock was sold at an average price of $17.05, for a total value of $537,075.00. Following the sale, the vice president now owns 207,265 shares in the company, valued at $3,533,868.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.85% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Washington Trust Bank increased its position in Micron Technology by 3.4% in the third quarter. Washington Trust Bank now owns 8,744 shares of the semiconductor manufacturer’s stock worth $155,000 after buying an additional 289 shares during the last quarter. Evercore Wealth Management LLC increased its position in Micron Technology by 2.9% in the second quarter. Evercore Wealth Management LLC now owns 10,236 shares of the semiconductor manufacturer’s stock worth $141,000 after buying an additional 287 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Micron Technology during the second quarter worth about $576,000. Kentucky Retirement Systems purchased a new position in Micron Technology during the second quarter worth about $1,213,000. Finally, Mason Street Advisors LLC purchased a new position in Micron Technology during the second quarter worth about $1,922,000. 81.42% of the stock is currently owned by institutional investors and hedge funds.
Micron Technology Company Profile
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