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Micron Technology (NASDAQ:MU) Downgraded to “Underweight” at Piper Sandler

Micron Technology (NASDAQ:MUGet Rating) was downgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a note issued to investors on Friday, The Fly reports.

Other equities research analysts have also issued reports about the company. StockNews.com upgraded Micron Technology from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 26th. Morgan Stanley lifted their price target on shares of Micron Technology from $77.00 to $83.00 and gave the company an “equal weight” rating in a report on Wednesday, March 30th. Sanford C. Bernstein raised shares of Micron Technology from a “market perform” rating to an “outperform” rating and set a $94.00 price objective on the stock in a research note on Wednesday, March 16th. Susquehanna restated a “buy” rating and set a $115.00 price target on shares of Micron Technology in a research report on Monday, May 16th. Finally, Wedbush upgraded Micron Technology from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $100.00 to $120.00 in a research report on Monday, February 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $112.92.

MU opened at $75.37 on Friday. The business has a 50 day moving average of $72.05 and a 200-day moving average of $81.12. The stock has a market capitalization of $84.16 billion, a price-to-earnings ratio of 9.48, a P/E/G ratio of 0.25 and a beta of 1.17. The company has a current ratio of 3.11, a quick ratio of 2.33 and a debt-to-equity ratio of 0.15. Micron Technology has a 1-year low of $65.67 and a 1-year high of $98.45.

Micron Technology (NASDAQ:MUGet Rating) last announced its quarterly earnings data on Tuesday, March 29th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.20. Micron Technology had a net margin of 28.95% and a return on equity of 21.15%. The business had revenue of $7.79 billion during the quarter, compared to analyst estimates of $7.53 billion. During the same quarter in the prior year, the business earned $0.90 earnings per share. The firm’s revenue for the quarter was up 25.6% on a year-over-year basis. Equities analysts predict that Micron Technology will post 9.15 EPS for the current year.

In related news, SVP April S. Arnzen sold 5,600 shares of the company’s stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $76.00, for a total value of $425,600.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.32% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Capital World Investors grew its stake in shares of Micron Technology by 84.5% in the fourth quarter. Capital World Investors now owns 27,419,458 shares of the semiconductor manufacturer’s stock worth $2,554,123,000 after purchasing an additional 12,554,989 shares during the last quarter. Norges Bank acquired a new stake in shares of Micron Technology during the fourth quarter worth $1,052,794,000. Capital Research Global Investors increased its position in shares of Micron Technology by 28.6% during the first quarter. Capital Research Global Investors now owns 33,193,160 shares of the semiconductor manufacturer’s stock worth $2,585,436,000 after buying an additional 7,380,205 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Micron Technology by 558.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 6,777,963 shares of the semiconductor manufacturer’s stock worth $636,395,000 after buying an additional 5,748,883 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Micron Technology by 148.7% in the fourth quarter. Renaissance Technologies LLC now owns 4,066,036 shares of the semiconductor manufacturer’s stock valued at $378,751,000 after buying an additional 2,431,300 shares during the period. 80.35% of the stock is owned by institutional investors and hedge funds.

Micron Technology Company Profile (Get Rating)

Micron Technology, Inc designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. It provides memory and storage technologies comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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