Micron Technology (NASDAQ:MU) Given New $135.00 Price Target at JPMorgan Chase & Co.

Micron Technology (NASDAQ:MU) had its price objective cut by research analysts at JPMorgan Chase & Co. from $145.00 to $135.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor manufacturer’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 42.20% from the stock’s current price.

A number of other equities analysts have also issued reports on the stock. Piper Sandler reduced their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Sanford C. Bernstein lowered their price target on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, December 18th. Mizuho reduced their price objective on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. Bank of America cut Micron Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $125.00 to $110.00 in a report on Thursday, December 19th. Finally, Stifel Nicolaus dropped their target price on Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.92.

Micron Technology Stock Performance

NASDAQ:MU traded down $8.06 during trading hours on Friday, hitting $94.94. 38,873,218 shares of the company were exchanged, compared to its average volume of 22,315,059. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. Micron Technology has a 52-week low of $83.54 and a 52-week high of $157.54. The stock has a market capitalization of $105.78 billion, a price-to-earnings ratio of 27.36 and a beta of 1.23. The company’s 50 day moving average price is $96.92 and its 200-day moving average price is $98.22.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same period in the previous year, the company earned $0.42 earnings per share. The business’s quarterly revenue was up 38.2% compared to the same quarter last year. As a group, research analysts forecast that Micron Technology will post 6.08 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the sale, the director now owns 27,358 shares of the company’s stock, valued at $2,542,378.94. The trade was a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

Hedge Funds Weigh In On Micron Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Swedbank AB grew its position in shares of Micron Technology by 30.4% in the third quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock valued at $358,403,000 after purchasing an additional 806,639 shares during the last quarter. Quest Partners LLC grew its holdings in Micron Technology by 1,485.2% during the 3rd quarter. Quest Partners LLC now owns 8,243 shares of the semiconductor manufacturer’s stock valued at $855,000 after buying an additional 7,723 shares during the last quarter. Commerce Bank increased its position in Micron Technology by 4.0% during the third quarter. Commerce Bank now owns 53,417 shares of the semiconductor manufacturer’s stock worth $5,540,000 after buying an additional 2,068 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Micron Technology in the third quarter worth $1,114,000. Finally, Darwin Wealth Management LLC purchased a new stake in shares of Micron Technology in the third quarter valued at $39,000. 80.84% of the stock is owned by institutional investors and hedge funds.

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.