Micron Technology (NASDAQ:MU) had its price target cut by investment analysts at Needham & Company LLC from $100.00 to $80.00 in a research report issued on Monday, Marketbeat Ratings reports. The firm currently has a “strong-buy” rating on the semiconductor manufacturer’s stock. Needham & Company LLC’s price target points to a potential upside of 76.56% from the stock’s previous close.

Several other research analysts have also commented on the company. Macquarie set a $70.00 price objective on Micron Technology and gave the stock a “buy” rating in a report on Friday. Citigroup set a $50.00 price objective on Micron Technology and gave the stock a “hold” rating in a report on Friday. Evercore ISI cut their price objective on Micron Technology to $80.00 and set an “outperform” rating for the company in a report on Friday. Morgan Stanley cut their price target on shares of Micron Technology from $65.00 to $48.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Nomura cut their price target on shares of Micron Technology from $100.00 to $65.00 and set a “buy” rating for the company in a research note on Friday. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $67.18.

NASDAQ MU traded up $0.57 during trading hours on Monday, hitting $45.31. The company had a trading volume of 626,408 shares, compared to its average volume of 43,722,384. Micron Technology has a 52 week low of $34.09 and a 52 week high of $64.66. The company has a quick ratio of 2.06, a current ratio of 2.63 and a debt-to-equity ratio of 0.20. The company has a market cap of $51.89 billion, a P/E ratio of 3.73, a P/E/G ratio of 0.53 and a beta of 1.63.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, September 20th. The semiconductor manufacturer reported $3.53 EPS for the quarter, beating the consensus estimate of $3.33 by $0.20. The company had revenue of $8.44 billion during the quarter, compared to analysts’ expectations of $8.25 billion. Micron Technology had a net margin of 46.51% and a return on equity of 54.94%. Micron Technology’s revenue for the quarter was up 37.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.02 earnings per share. equities research analysts anticipate that Micron Technology will post 10.32 EPS for the current year.

In other Micron Technology news, Director Robert E. Switz sold 25,000 shares of the stock in a transaction that occurred on Friday, July 13th. The stock was sold at an average price of $56.00, for a total value of $1,400,000.00. Following the completion of the sale, the director now owns 120,257 shares in the company, valued at approximately $6,734,392. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Robert E. Switz sold 75,000 shares of the stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $53.34, for a total value of $4,000,500.00. Following the completion of the sale, the director now owns 120,257 shares of the company’s stock, valued at approximately $6,414,508.38. The disclosure for this sale can be found here. Insiders have sold a total of 140,000 shares of company stock valued at $7,604,100 in the last three months. 0.53% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Clearwater Capital Advisors LLC purchased a new position in shares of Micron Technology in the 1st quarter valued at approximately $104,000. Brasada Capital Management LP lifted its stake in shares of Micron Technology by 100.0% in the 1st quarter. Brasada Capital Management LP now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $104,000 after purchasing an additional 1,000 shares during the period. Tradewinds Capital Management LLC lifted its stake in shares of Micron Technology by 411.8% in the 2nd quarter. Tradewinds Capital Management LLC now owns 1,996 shares of the semiconductor manufacturer’s stock valued at $105,000 after purchasing an additional 1,606 shares during the period. Credit Agricole S A lifted its stake in shares of Micron Technology by 199,900.0% in the 2nd quarter. Credit Agricole S A now owns 2,000 shares of the semiconductor manufacturer’s stock valued at $105,000 after purchasing an additional 1,999 shares during the period. Finally, America First Investment Advisors LLC purchased a new position in shares of Micron Technology in the 2nd quarter valued at approximately $131,000. 74.00% of the stock is owned by institutional investors.

About Micron Technology

Micron Technology, Inc provides semiconductor systems worldwide. The company operates through four segments: Compute and Networking Business Unit, Storage Business Unit, Mobile Business Unit, and Embedded Business Unit. It offers DDR3 and DDR4 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; lower power DRAM products for smartphones, tablets, automotive, laptop computers, and other mobile consumer device applications; DDR2 DRAM and DDR DRAM, GDDR5 and GDDR5X DRAM, SDRAM, and RLDRAM products for networking devices, servers, consumer electronics, communications equipment, computer peripherals, and automotive and industrial applications, as well as for computer memory upgrades; and hybrid memory cube semiconductor memory devices.

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Analyst Recommendations for Micron Technology (NASDAQ:MU)

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