Micron Technology (NASDAQ:MU) Given New $112.00 Price Target at Morgan Stanley

Micron Technology (NASDAQ:MU - Get Free Report) had its price target lifted by Morgan Stanley from $91.00 to $112.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the semiconductor manufacturer's stock. Morgan Stanley's price target points to a potential upside of 15.54% from the stock's current price.

Several other equities research analysts have also recently weighed in on MU. Sanford C. Bernstein reduced their price objective on Micron Technology from $140.00 to $120.00 and set an "outperform" rating for the company in a research report on Wednesday, December 18th. Needham & Company LLC reduced their price target on shares of Micron Technology from $140.00 to $120.00 and set a "buy" rating for the company in a report on Thursday, December 19th. Wells Fargo & Company decreased their price target on shares of Micron Technology from $140.00 to $130.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. UBS Group upped their price objective on shares of Micron Technology from $125.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, March 17th. Finally, Stifel Nicolaus decreased their target price on Micron Technology from $135.00 to $130.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $132.63.

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Micron Technology Stock Performance

Shares of NASDAQ MU traded up $2.22 during trading hours on Friday, hitting $96.94. 35,352,745 shares of the stock were exchanged, compared to its average volume of 22,552,621. Micron Technology has a one year low of $83.54 and a one year high of $157.54. The company's 50 day moving average is $96.86 and its 200 day moving average is $98.40. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The firm has a market capitalization of $108.01 billion, a P/E ratio of 27.94 and a beta of 1.23.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the business posted $0.42 earnings per share. The firm's revenue was up 38.2% compared to the same quarter last year. On average, research analysts expect that Micron Technology will post 6.08 EPS for the current year.

Insider Buying and Selling

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction 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 sale, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Micron Technology

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fairtree Asset Management Pty Ltd bought a new position in shares of Micron Technology during the 4th quarter valued at about $554,000. Wealth Enhancement Advisory Services LLC lifted its stake in Micron Technology by 10.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 350,612 shares of the semiconductor manufacturer's stock valued at $29,507,000 after buying an additional 32,502 shares in the last quarter. NorthCrest Asset Manangement LLC lifted its stake in Micron Technology by 6.3% in the fourth quarter. NorthCrest Asset Manangement LLC now owns 38,002 shares of the semiconductor manufacturer's stock valued at $3,198,000 after buying an additional 2,264 shares in the last quarter. PKO Investment Management Joint Stock Co acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $6,060,000. Finally, Centaurus Financial Inc. increased its position in shares of Micron Technology by 52.2% during the fourth quarter. Centaurus Financial Inc. now owns 44,357 shares of the semiconductor manufacturer's stock worth $3,733,000 after acquiring an additional 15,216 shares in the last quarter. 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.