Wells Fargo & Company Has Lowered Expectations for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price objective reduced by stock analysts at Wells Fargo & Company from $175.00 to $140.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor manufacturer’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 55.35% from the company’s current price.

A number of other analysts have also recently issued reports on MU. TD Cowen lowered their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday. KeyCorp lowered their price objective on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Susquehanna cut their price objective on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a research report on Thursday, September 26th. Wedbush reiterated an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a report on Tuesday. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $150.00 price target on shares of Micron Technology in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $132.26.

Micron Technology Trading Up 3.5 %

MU opened at $90.12 on Thursday. The firm’s fifty day moving average is $103.14 and its two-hundred day moving average is $108.67. The firm has a market cap of $100.40 billion, a PE ratio of 132.53 and a beta of 1.16. Micron Technology has a twelve month low of $79.15 and a twelve month high of $157.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

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

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were 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 $15,348,790. The trade was a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.30% of the company’s stock.

Institutional Trading of Micron Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Highline Wealth Partners LLC bought a new stake in Micron Technology in the 3rd quarter valued at $26,000. LRI Investments LLC boosted its position in shares of Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after acquiring an additional 99 shares during the period. Davis Capital Management acquired a new position in shares of Micron Technology in the third quarter valued at about $30,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Micron Technology in the second quarter valued at about $39,000. Finally, New Millennium Group LLC bought a new position in Micron Technology during the second quarter worth about $39,000. 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.