Needham & Company LLC Reiterates “Buy” Rating for Micron Technology (NASDAQ:MU)

Micron Technology (NASDAQ:MU)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $140.00 target price on the semiconductor manufacturer’s stock. Needham & Company LLC’s price objective indicates a potential upside of 30.23% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and dropped their price target for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. Susquehanna dropped their target price on shares of Micron Technology from $185.00 to $175.00 and set a “positive” rating for the company in a report on Thursday, August 22nd. Morgan Stanley decreased their price target on Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Piper Sandler lifted their price objective on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Finally, Bank of America increased their target price on Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $144.38.

Micron Technology Price Performance

Micron Technology stock opened at $107.50 on Thursday. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average price of $97.77 and a 200 day moving average price of $114.60. Micron Technology has a 12-month low of $63.83 and a 12-month high of $157.54. The stock has a market cap of $119.20 billion, a P/E ratio of -75.70, a PEG ratio of 0.20 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same quarter in the previous year, the company earned ($1.21) EPS. The business’s revenue for the quarter was up 93.3% compared to the same quarter last year. Sell-side analysts anticipate that Micron Technology will post 0.61 earnings per share for the current year.

Hedge Funds Weigh In On Micron Technology

Several large investors have recently bought and sold shares of the stock. Hobbs Group Advisors LLC purchased a new stake in shares of Micron Technology in the 2nd quarter valued at about $28,000. DecisionPoint Financial LLC acquired a new position in Micron Technology during the first quarter worth approximately $25,000. Valued Wealth Advisors LLC lifted its stake in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 173 shares during the last quarter. Richard W. Paul & Associates LLC boosted its holdings in shares of 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, LRI Investments LLC grew its position in shares of Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 99 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

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.