Micron Technology (NASDAQ:MU) Receives New Price Target of $85.00 at Wedbush
Micron Technology (NASDAQ:MU – Get an Assessment) saw its price target lowered by Wedbush Research analysts from $120.00 to $85.00 in a report on Friday, reports The Fly. The brokerage currently has an “outperform” rating on the semiconductor maker’s stock. Wedbush’s price target would point to a potential upside of 58.43% from the stock’s previous close.
Other equity research analysts have also recently published research reports on the stock. Summit Insights moved Micron Technology shares from a “buy” rating to a “hold” rating in a Sunday, June 12 research note. Raymond James lowered his target price on Micron Technology shares from $115.00 to $72.00 and set a “strong buy” rating on the stock in a research note on Friday. Morgan Stanley cut its price target on Micron Technology shares from $83.00 to $56.00 and set an “equal weight” rating on the stock in a Tuesday, June 21 research note. JPMorgan Chase & Co. cut its price target on Micron Technology shares from $120.00 to $96.00 and set an “overweight” rating on the stock in a Tuesday, June 28 research note. Finally, Goldman Sachs Group cut its price target on Micron Technology shares from $86.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday. One equity research analyst rated the stock with a sell rating, four gave the stock a hold rating, twenty-two gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $87.42.
NASDAQ:MU shares opened at $53.65 on Friday. The company’s 50-day moving average price is $66.04 and its 200-day moving average price is $77.66. Micron Technology has a 12-month low of $51.40 and a 12-month high of $98.45. The company has a quick ratio of 2.33, a current ratio of 3.11 and a leverage ratio of 0.15. The stock has a market capitalization of $59.91 billion, a PE ratio of 6.75, a growth price-earnings ratio of 0.20 and a beta of 1.17.
Micron Technology (NASDAQ:MU – Get Rating) last released quarterly earnings data on Thursday, June 30. The semiconductor maker reported earnings per share of $2.59 for the quarter, beating the consensus estimate of $2.34 by $0.25. Micron Technology achieved a net margin of 28.95% and a return on equity of 21.15%. The company posted revenue of $8.64 billion for the quarter, versus $8.66 billion expected by analysts. In the same quarter of the previous year, the company achieved EPS of $1.81. The company’s quarterly revenue increased 16.4% year over year. Analysts expect Micron Technology to post earnings per share of 9.15 for the current fiscal year.
A number of hedge funds and other institutional investors have been buying and selling shares of MU recently. Wealth Advisors SOA LLC. increased its stake in Micron Technology by 144.9% in the 1st quarter. Wealth Advisors SOA LLC. now owns 338 shares of the semiconductor maker valued at $26,000 after buying an additional 200 shares last quarter. Concorde Financial Corp bought a new position in shares of Micron Technology during the fourth quarter for a value of approximately $27,000. Selective Wealth Management Inc. bought a new position in shares of Micron Technology during the fourth quarter worth approximately $28,000. Core Alternative Capital increased its position in Micron Technology shares by 912.5% during the first quarter. Core Alternative Capital now owns 405 shares of the semiconductor maker worth $32,000 after acquiring an additional 365 shares during the period. Finally, Sterling Investment Advisors Ltd. increased its position in Micron Technology shares by 600.0% during the fourth quarter. Sterling Investment Advisors Ltd. now owns 350 shares of the semiconductor maker worth $33,000 after acquiring an additional 300 shares during the period. 80.35% of the shares are held by institutional investors.
Micron Technology Company Profile (Get a rating)
Micron Technology, Inc designs, manufactures and sells memory and storage products worldwide. The Company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit and Embedded Business Unit. It provides memory and storage technologies including DRAM products, which are low-latency dynamic random access memory (DRAM) semiconductor devices that enable high-speed data retrieval; NAND products that are non-volatile, rewritable semiconductor storage devices; and NOR memory products, which are non-volatile rewritable semiconductor memory devices that offer fast read speeds under the Micron and Crucial brands, as well as through private labels.
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