Piper Sandler Lowers Micron Technology (NASDAQ:MU) Price Target to $120.00

Micron Technology (NASDAQ:MU - Get Free Report) had its price objective lowered by equities research analysts at Piper Sandler from $150.00 to $120.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the semiconductor manufacturer's stock. Piper Sandler's price objective would indicate a potential upside of 37.79% from the stock's previous close.

A number of other equities analysts have also commented on MU. Stifel Nicolaus cut their price objective on shares of Micron Technology from $135.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday. KeyCorp dropped their price target on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 8th. Citigroup lowered their price target on Micron Technology from $175.00 to $150.00 and set a "buy" rating on the stock in a research report on Tuesday, September 17th. Morgan Stanley upped their price target on Micron Technology from $100.00 to $114.00 and gave the company an "equal weight" rating in a report on Thursday, September 26th. Finally, Needham & Company LLC cut their target price on shares of Micron Technology from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and an average target price of $133.56.

Micron Technology Stock Performance

Shares of NASDAQ:MU traded down $16.81 during midday trading on Thursday, hitting $87.09. The stock had a trading volume of 91,219,273 shares, compared to its average volume of 21,904,396. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $103.85 and a two-hundred day moving average price of $109.09. The company has a market capitalization of $97.02 billion, a PE ratio of 128.08 and a beta of 1.16. Micron Technology has a 1 year low of $78.63 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $0.19. The firm had revenue of $8.71 billion for the quarter, compared to analysts' expectations of $8.71 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. Micron Technology's quarterly revenue was up 84.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.95) EPS. As a group, equities analysts predict that Micron Technology will post 8.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated 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 owns 135,830 shares of the company's stock, valued at approximately $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.30% of the company's stock.

Institutional Investors Weigh In On Micron Technology

Several large investors have recently bought and sold shares of the company. Highline Wealth Partners LLC acquired a new position in shares of Micron Technology in the 3rd quarter valued at $26,000. Davis Capital Management bought a new stake in shares of Micron Technology during the third quarter worth $30,000. True Wealth Design LLC boosted its stake in Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer's stock worth $33,000 after purchasing an additional 296 shares during the period. DT Investment Partners LLC increased its holdings in Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 235 shares in the last quarter. Finally, Stone House Investment Management LLC lifted its holdings in shares of Micron Technology by 602.2% in the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer's stock valued at $34,000 after purchasing an additional 277 shares in the last quarter. Institutional investors 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.