Micron Technology Inc. (NASDAQ:MU)‘s stock had its “underperform” rating reiterated by Needham & Company LLC in a research note issued on Wednesday. They currently have a $20.44 target price on the semiconductor manufacturer’s stock. Needham & Company LLC’s target price points to a potential upside of 4.58% from the stock’s current price.

The analysts wrote, ““We maintain our Underperform given: 1) unfavorable risk/reward with peak multiples; 2) major levels of gross/net debt ($10B and $5B — you have to go back before 2007 to even approach this debt level); and 3) currently, not cost competitive in 3D NAND.””

Several other research firms have also recently commented on MU. Deutsche Bank AG reissued a “buy” rating and set a $20.00 target price (down previously from $24.00) on shares of Micron Technology in a research note on Monday. Nomura reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Micron Technology in a research note on Friday, November 18th. Credit Suisse Group AG reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Micron Technology in a research note on Tuesday, October 4th. Bank of America Corp. set a $9.00 price objective on shares of Micron Technology and gave the stock a “sell” rating in a research note on Tuesday, October 4th. Finally, Goldman Sachs Group Inc. lowered their price objective on shares of Micron Technology from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 5th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-five have assigned a buy rating and two have assigned a strong buy rating to the company. Micron Technology has an average rating of “Buy” and an average target price of $18.74.

Analyst Recommendations for Micron Technology (NASDAQ:MU)

Shares of Micron Technology (NASDAQ:MU) traded up 0.57% during trading on Wednesday, hitting $19.53. 26,031,699 shares of the company traded hands. The firm has a 50 day moving average price of $17.72 and a 200-day moving average price of $15.19. The stock’s market cap is $20.34 billion. Micron Technology has a one year low of $9.31 and a one year high of $20.44.

Micron Technology (NASDAQ:MU) last released its earnings results on Tuesday, October 4th. The semiconductor manufacturer reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.12. The firm had revenue of $3.22 billion for the quarter. Micron Technology had a negative net margin of 2.23% and a positive return on equity of 0.50%. The firm’s quarterly revenue was down 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.37 EPS. Analysts predict that Micron Technology will post $1.17 EPS for the current year.

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In related news, VP Brian Shirley sold 90,014 shares of the company’s stock in a transaction dated Tuesday, October 4th. The shares were sold at an average price of $17.84, for a total transaction of $1,605,849.76. Following the transaction, the vice president now owns 397,264 shares in the company, valued at approximately $7,087,189.76. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP April S. Arnzen sold 11,424 shares of the company’s stock in a transaction dated Thursday, October 6th. The stock was sold at an average price of $17.72, for a total transaction of $202,433.28. Following the transaction, the vice president now owns 39,993 shares in the company, valued at approximately $708,675.96. The disclosure for this sale can be found here. 0.85% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of MU. Private Trust Co. NA boosted its stake in shares of Micron Technology by 2.2% in the second quarter. Private Trust Co. NA now owns 41,578 shares of the semiconductor manufacturer’s stock valued at $572,000 after buying an additional 905 shares in the last quarter. Eagle Asset Management Inc. purchased a new stake in shares of Micron Technology during the second quarter valued at $10,943,000. Sentinel Trust Co. LBA boosted its stake in shares of Micron Technology by 183.8% in the second quarter. Sentinel Trust Co. LBA now owns 215,061 shares of the semiconductor manufacturer’s stock valued at $2,959,000 after buying an additional 139,270 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Micron Technology by 11.6% in the second quarter. Nisa Investment Advisors LLC now owns 269,019 shares of the semiconductor manufacturer’s stock valued at $3,702,000 after buying an additional 27,930 shares in the last quarter. Finally, Amerigo Asset Management boosted its stake in shares of Micron Technology by 7.3% in the second quarter. Amerigo Asset Management now owns 17,913,834 shares of the semiconductor manufacturer’s stock valued at $246,494,000 after buying an additional 1,212,741 shares in the last quarter. Institutional investors and hedge funds own 84.26% of the company’s stock.

About Micron Technology

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