Piper Sandler Issues Pessimistic Forecast for Micron Technology (NASDAQ:MU) Stock Price

Micron Technology (NASDAQ:MU) had its price objective decreased by analysts at Piper Sandler from $150.00 to $120.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor manufacturer’s stock. Piper Sandler’s target price would suggest a potential upside of 33.16% from the stock’s current price.

Several other analysts have also recently issued reports on MU. Wells Fargo & Company decreased their target price on shares of Micron Technology from $175.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday. KeyCorp decreased their price objective on Micron Technology from $145.00 to $135.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. Mizuho dropped their target price on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a report on Thursday. Needham & Company LLC cut their target price on Micron Technology from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Stifel Nicolaus lowered their price target on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday. One investment 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $132.26.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $90.12 on Thursday. The firm has a market cap of $100.40 billion, a PE ratio of 132.53 and a beta of 1.16. The stock has a 50 day moving average of $103.14 and a 200 day moving average of $108.67. 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 12 month low of $79.15 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU) last posted 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. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same period in the prior year, the company earned ($0.95) EPS. The company’s quarterly revenue was up 84.3% compared to the same quarter last year. On average, research analysts expect that Micron Technology will post 8.31 EPS for the current fiscal year.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now directly owns 135,830 shares in the company, 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 document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MU. Hennion & Walsh Asset Management Inc. grew its stake in Micron Technology by 42.5% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 3,299 shares of the semiconductor manufacturer’s stock worth $434,000 after buying an additional 984 shares during the last quarter. &PARTNERS increased its holdings in shares of Micron Technology by 15.2% during the second quarter. &PARTNERS now owns 12,364 shares of the semiconductor manufacturer’s stock valued at $1,626,000 after acquiring an additional 1,631 shares in the last quarter. Cornerstone Wealth Group LLC raised 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 valued at $257,000 after purchasing an additional 103 shares during the last quarter. Premier Path Wealth Partners LLC boosted its stake in Micron Technology by 12.1% in the 2nd quarter. Premier Path Wealth Partners LLC now owns 4,688 shares of the semiconductor manufacturer’s stock worth $617,000 after purchasing an additional 505 shares in the last quarter. Finally, Everhart Financial Group Inc. grew its position in Micron Technology by 17.2% during the 2nd quarter. Everhart Financial Group Inc. now owns 4,943 shares of the semiconductor manufacturer’s stock worth $650,000 after purchasing an additional 725 shares during the last quarter. Hedge funds and other 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.