Wells Fargo & Company Trims Micron Technology (NASDAQ:MU) Target Price to $175.00

Micron Technology (NASDAQ:MU) had its price target reduced by equities research analysts at Wells Fargo & Company from $190.00 to $175.00 in a research report issued to clients and investors on Wednesday, Briefing.com reports. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 97.23% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Cantor Fitzgerald upped their target price on shares of Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Robert W. Baird increased their target price on Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a research report on Monday, June 24th. UBS Group lowered their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, KeyCorp cut their price objective on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $148.54.

Micron Technology Stock Performance

Shares of MU opened at $88.73 on Wednesday. The business has a 50-day simple moving average of $102.46 and a two-hundred day simple moving average of $114.96. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology has a 52 week low of $63.83 and a 52 week high of $157.54. The stock has a market cap of $98.39 billion, a price-to-earnings ratio of -62.49 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period in the prior year, the firm posted ($1.57) EPS. The firm’s quarterly revenue was up 81.5% compared to the same quarter last year. On average, analysts expect that Micron Technology will post 0.61 EPS for the current year.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.32% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Micron Technology

Hedge funds have recently made changes to their positions in the stock. TrinityPoint Wealth LLC grew its position in shares of Micron Technology by 33.9% in the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after buying an additional 8,736 shares during the last quarter. Gladstone Institutional Advisory LLC purchased a new position in Micron Technology in the fourth quarter worth $241,000. Coldstream Capital Management Inc. grew its holdings in Micron Technology by 4.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,702 shares of the semiconductor manufacturer’s stock worth $999,000 after purchasing an additional 476 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Micron Technology by 12.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,889 shares of the semiconductor manufacturer’s stock worth $332,000 after purchasing an additional 424 shares in the last quarter. Finally, Alpha Family Trust purchased a new stake in shares of Micron Technology during the 4th quarter valued at $535,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

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.