Micron Technology (NASDAQ:MU) Given New $120.00 Price Target at Sanford C. Bernstein

Micron Technology (NASDAQ:MU) had its price objective reduced by equities researchers at Sanford C. Bernstein from $140.00 to $120.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the semiconductor manufacturer’s stock. Sanford C. Bernstein’s target price would indicate a potential upside of 8.13% from the stock’s previous close.

Several other analysts have also recently issued reports on MU. Morgan Stanley upped their target price on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. China Renaissance assumed coverage on Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 price objective on the stock. Citigroup dropped their target price on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. KeyCorp lowered their price target on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Finally, 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. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and an average price target of $142.21.

Micron Technology Price Performance

Micron Technology stock traded up $2.38 during midday trading on Wednesday, reaching $110.98. 12,313,678 shares of the stock traded hands, compared to its average volume of 21,408,334. The stock has a market cap of $123.64 billion, a P/E ratio of 163.21 and a beta of 1.16. The stock’s fifty day moving average is $103.80 and its 200-day moving average is $109.12. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. Micron Technology has a 12 month low of $78.63 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the prior year, the company earned ($1.21) EPS. The company’s quarterly revenue was up 93.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Micron Technology will post 8.31 EPS for the current year.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at $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 is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MU. Highline Wealth Partners LLC purchased a new position in shares of Micron Technology during the 3rd quarter valued at about $26,000. Davis Capital Management purchased a new position in Micron Technology during the third quarter valued at approximately $30,000. True Wealth Design LLC raised its position in Micron Technology by 1,096.3% during the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after acquiring an additional 296 shares in the last quarter. Richard W. Paul & Associates LLC lifted its holdings in Micron Technology by 128.6% in the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 144 shares during the period. Finally, DT Investment Partners LLC boosted its position in Micron Technology by 261.1% in the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares in the last quarter. 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.