Rosenblatt Securities Issues Pessimistic Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU - Get Free Report) had its price target dropped by investment analysts at Rosenblatt Securities from $250.00 to $200.00 in a report released on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor manufacturer's stock. Rosenblatt Securities' target price would indicate a potential upside of 106.31% from the stock's previous close.

MU has been the subject of several other reports. The Goldman Sachs Group reduced their price objective on Micron Technology from $145.00 to $128.00 and set a "buy" rating for the company in a research report on Thursday, December 19th. Bank of America cut Micron Technology from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Cantor Fitzgerald lowered their price target on Micron Technology from $150.00 to $130.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. Barclays reduced their price objective on shares of Micron Technology from $145.00 to $110.00 and set an "overweight" rating for the company in a report on Friday, December 20th. Finally, Robert W. Baird raised their target price on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research note on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $132.63.

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Micron Technology Stock Performance

NASDAQ MU traded up $2.22 during trading hours on Friday, hitting $96.94. The company had a trading volume of 35,352,745 shares, compared to its average volume of 22,552,621. Micron Technology has a fifty-two week low of $83.54 and a fifty-two week high of $157.54. The firm has a market cap of $108.01 billion, a P/E ratio of 27.94 and a beta of 1.23. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $96.86 and a 200-day simple moving average of $98.40.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. During the same quarter last year, the company earned $0.42 EPS. The company's revenue for the quarter was up 38.2% compared to the same quarter last year. Equities analysts predict that Micron Technology will post 6.08 EPS for the current year.

Insider Buying and Selling at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares of the company's stock, valued at $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Harmony Asset Management LLC raised its stake in shares of Micron Technology by 75.6% during the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer's stock worth $1,233,000 after purchasing an additional 5,120 shares in the last quarter. Lazard Freres Gestion S.A.S. raised its position in Micron Technology by 241.7% during the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer's stock valued at $4,252,000 after acquiring an additional 29,000 shares in the last quarter. E Fund Management Co. Ltd. raised its position in Micron Technology by 31.8% during the fourth quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer's stock valued at $3,062,000 after acquiring an additional 8,780 shares in the last quarter. Stablepoint Partners LLC acquired a new stake in Micron Technology in the fourth quarter valued at approximately $569,000. Finally, State Street Corp grew its position in Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer's stock worth $5,001,592,000 after acquiring an additional 1,434,568 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

About Micron Technology

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.