Micron Technology (NASDAQ:MU) Price Target Cut to $135.00 by Analysts at KeyCorp

Micron Technology (NASDAQ:MU - Get Free Report) had its target price lowered by investment analysts at KeyCorp from $145.00 to $135.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has an "overweight" rating on the semiconductor manufacturer's stock. KeyCorp's price objective would suggest a potential upside of 31.66% from the company's previous close.

MU has been the subject of several other research reports. TD Cowen raised their price target on Micron Technology from $115.00 to $135.00 and gave the company a "buy" rating in a report on Thursday, September 26th. JPMorgan Chase & Co. raised their price objective on Micron Technology from $130.00 to $180.00 and gave the company an "overweight" rating in a research note on Thursday, June 27th. Wolfe Research raised their price objective on Micron Technology from $150.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, June 21st. UBS Group lowered their price objective on Micron Technology from $153.00 to $135.00 and set a "buy" rating for the company in a research note on Tuesday, September 17th. Finally, Piper Sandler raised their price objective on Micron Technology from $130.00 to $150.00 and gave the company an "overweight" rating in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company's stock. According to MarketBeat.com, Micron Technology presently has an average rating of "Moderate Buy" and a consensus target price of $142.85.

Micron Technology Price Performance

Shares of NASDAQ:MU traded down $0.37 during trading on Tuesday, hitting $102.54. 18,824,212 shares of the company's stock were exchanged, compared to its average volume of 22,341,344. The company has a market cap of $113.70 billion, a price-to-earnings ratio of -72.01, a PEG ratio of 0.20 and a beta of 1.18. The business's 50-day simple moving average is $96.56 and its 200 day simple moving average is $115.19. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. Micron Technology has a 52-week low of $63.88 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. The business had revenue of $7.75 billion during the quarter, compared to analysts' expectations of $7.65 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm's revenue for the quarter was up 93.3% compared to the same quarter last year. During the same quarter last year, the business posted ($1.21) EPS. As a group, equities analysts predict that Micron Technology will post 0.61 EPS for the current year.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.32% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. DecisionPoint Financial LLC purchased a new position in Micron Technology during the 1st quarter worth $25,000. Hobbs Group Advisors LLC purchased a new position in Micron Technology during the 2nd quarter worth $28,000. Valued Wealth Advisors LLC grew its stake in Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer's stock worth $29,000 after buying an additional 173 shares during the last quarter. Davis Capital Management purchased a new position in Micron Technology during the 3rd quarter worth $30,000. Finally, Richard W. Paul & Associates LLC grew its stake in Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 144 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.