The Goldman Sachs Group Lowers Micron Technology (NASDAQ:MU) Price Target to $128.00

Micron Technology (NASDAQ:MU) had its price target lowered by The Goldman Sachs Group from $145.00 to $128.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor manufacturer’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 49.27% from the company’s previous close.

Several other analysts have also recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Micron Technology from $175.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday. Stifel Nicolaus reissued a “buy” rating and set a $135.00 target price on shares of Micron Technology in a research note on Friday, December 13th. Susquehanna decreased their price target on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research note on Thursday, September 26th. Citigroup cut their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Finally, UBS Group decreased their target price on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $137.48.

Micron Technology Stock Performance

MU stock traded down $18.15 on Thursday, hitting $85.75. The company’s stock had a trading volume of 43,447,256 shares, compared to its average volume of 21,693,350. The stock has a market cap of $95.53 billion, a price-to-earnings ratio of 126.10 and a beta of 1.16. The firm has a 50 day moving average of $103.85 and a two-hundred day moving average of $109.09. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology has a 1 year low of $78.63 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter in the prior year, the firm earned ($0.95) earnings per share. The business’s quarterly revenue was up 84.3% compared to the same quarter last year. Equities analysts predict that Micron Technology will post 8.31 EPS for the current fiscal year.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the 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 completion of the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is owned by company insiders.

Institutional Trading of Micron Technology

Several large investors have recently bought and sold shares of MU. Ameritas Advisory Services LLC raised its stake in Micron Technology by 1.3% during the second quarter. Ameritas Advisory Services LLC now owns 7,625 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after buying an additional 98 shares in the last quarter. Stonebrook Private Inc. raised its position in shares of Micron Technology by 4.2% during the 3rd quarter. Stonebrook Private Inc. now owns 2,454 shares of the semiconductor manufacturer’s stock valued at $255,000 after acquiring an additional 98 shares in the last quarter. LRI Investments LLC boosted its holdings in Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares during the period. John G Ullman & Associates Inc. increased its stake in Micron Technology by 2.5% during the third quarter. John G Ullman & Associates Inc. now owns 4,063 shares of the semiconductor manufacturer’s stock valued at $421,000 after purchasing an additional 100 shares during the last quarter. Finally, Cornerstone Wealth Group LLC lifted its position in shares of Micron Technology by 5.6% in the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,955 shares of the semiconductor manufacturer’s stock worth $257,000 after buying an additional 103 shares during 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.