Summit Insights slashes price target on Micron Technology Inc. [MU] – find out why.

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Micron Technology Inc. [NASDAQ: MU] gained 1.35% on the last trading session, reaching $55.75 price per share at the time. The company report on May 31, 2022 that Micron Technology to Report Fiscal Third Quarter Results on June 30, 2022.


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Micron Technology, Inc. (Nasdaq: MU), announced today that it will hold its fiscal third quarter earnings conference call on Thursday, June 30, 2022, at 2:30 p.m. Mountain time.

The call will be webcast live at http://investors.micron.com/. Webcast replays of presentations can be accessed from Micron’s Investor Relations website and will be available for approximately one year after the call.

Micron Technology Inc. represents 1.12 billion in outstanding shares, while the company has a total market value of $61.43 billion with the latest information. MU stock price has been found in the range of $53.60 to $56.32.

If compared to the average trading volume of 20.98M shares, MU reached a trading volume of 23559385 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Micron Technology Inc. [MU]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MU shares is $108.54 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MU stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Summit Insights have made an estimate for Micron Technology Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on June 13, 2022. While these analysts kept the previous recommendation, Piper Sandler dropped their target price from $90 to $70. The new note on the price target was released on June 03, 2022, representing the official price target for Micron Technology Inc. stock. Previously, the target price had yet another raise to $94, while Bernstein analysts kept a Outperform rating on MU stock. On February 14, 2022, analysts increased their price target for MU shares from 100 to 120.

The Average True Range (ATR) for Micron Technology Inc. is set at 3.30, with the Price to Sales ratio for MU stock in the period of the last 12 months amounting to 1.97. The Price to Book ratio for the last quarter was 1.30, with the Price to Cash per share for the same quarter was set at 9.19. Price to Free Cash Flow for MU in the course of the last twelve months was 13.25 with Quick ratio for the last quarter at 2.30.

Trading performance analysis for MU stock

Micron Technology Inc. [MU] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.97. With this latest performance, MU shares dropped by -21.53% in over the last four-week period, additionally sinking by -32.58% over the last 6 months – not to mention a drop of -27.55% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MU stock in for the last two-week period is set at 29.41, with the RSI for the last a single of trading hit 23.46, and the three-weeks RSI is set at 33.51 for Micron Technology Inc. [MU]. The present Moving Average for the last 50 days of trading for this stock 69.06, while it was recorded at 57.48 for the last single week of trading, and 77.53 for the last 200 days.

Micron Technology Inc. [MU]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Micron Technology Inc. [MU] shares currently have an operating margin of +24.69 and a Gross Margin at +37.52. Micron Technology Inc.’s Net Margin is presently recorded at +21.16.

Return on Total Capital for MU is now 14.05, given the latest momentum, and Return on Invested Capital for the company is 12.09. Return on Equity for this stock inclined to 14.13, with Return on Assets sitting at 10.42. When it comes to the capital structure of this company, Micron Technology Inc. [MU] has a Total Debt to Total Equity ratio set at 16.57. Additionally, MU Total Debt to Total Capital is recorded at 14.22, with Total Debt to Total Assets ending up at 12.37. Long-Term Debt to Equity for the company is recorded at 16.22, with the Long-Term Debt to Total Capital now at 13.91.

Reflecting on the efficiency of the workforce at the company, Micron Technology Inc. [MU] managed to generate an average of $136,302 per employee. Receivables Turnover for the company is 6.01 with a Total Asset Turnover recorded at a value of 0.49.Micron Technology Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 3.10.

Micron Technology Inc. [MU]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MU. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Micron Technology Inc. go to 29.65%.

An analysis of insider ownership at Micron Technology Inc. [MU]

There are presently around $50,318 million, or 82.40% of MU stock, in the hands of institutional investors. The top three institutional holders of MU stocks are: VANGUARD GROUP INC with ownership of 90,507,938, which is approximately 1.16% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 87,124,926 shares of the stock with an approximate value of $4.86 billion in MU stocks shares; and STATE STREET CORP, currently with $2.6 billion in MU stock with ownership of nearly -1.567% of the company’s market capitalization.

Positions in Micron Technology Inc. stocks held by institutional investors increased at the end of June and at the time of the June reporting period, where 744 institutional holders increased their position in Micron Technology Inc. [NASDAQ:MU] by around 71,358,030 shares. Additionally, 632 investors decreased positions by around 73,087,725 shares, while 193 investors held positions by with 758,124,304 shares. The mentioned changes placed institutional holdings at 902,570,059 shares, according to the latest SEC report filing. MU stock had 163 new institutional investments in for a total of 4,789,265 shares, while 165 institutional investors sold positions of 15,704,957 shares during the same period.

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