Wells Fargo & Company Issues Pessimistic Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price target cut by stock analysts at Wells Fargo & Company from $175.00 to $140.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor manufacturer’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 63.36% from the stock’s current price.

MU has been the subject of several other reports. Stifel Nicolaus restated a “buy” rating and set a $135.00 price objective on shares of Micron Technology in a research report on Friday, December 13th. China Renaissance began coverage on shares of Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 target price for the company. Morgan Stanley lifted their price target on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $150.00 price objective on shares of Micron Technology in a research report on Tuesday, October 1st. Finally, TD Cowen cut 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $138.59.

Micron Technology Price Performance

MU stock traded down $18.20 during midday trading on Thursday, reaching $85.70. The company had a trading volume of 31,786,045 shares, compared to its average volume of 21,630,555. Micron Technology has a 1-year low of $78.63 and a 1-year high of $157.54. The stock has a 50 day moving average price of $103.85 and a 200-day moving average price of $109.09. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. The company has a market capitalization of $95.47 billion, a price-to-earnings ratio of 126.03 and a beta of 1.16.

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

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is owned by insiders.

Institutional Trading of Micron Technology

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