What's happening with Micron Stock today?

Micron Technology Inc MU shares are trading higher on Friday. The stock has been volatile since the company released its fiscal fourth quarter results on Thursday after the bell.

What Happened: Micron Reported Fourth Quarter Revenue of $6.64 Billion, Lower than Average Analyst Estimates of $6.68 Billion dollars, according to Benzinga Pro. The company reported quarterly adjusted earnings of $1.45 per share, beating average estimates of $1.30 per share.

Micron said it ended the quarter with a net cash position of $4.15 billion after repurchasing approximately 13.2 million shares for $784 million during the quarter .

"Our technology and manufacturing leadership in DRAM and NAND, deep customer relationships, diverse product portfolio and strong balance sheet position Micron on a strong footing to navigate the supply and demand weakened in the near term," said Sanjay Mehrotra, Micron's President and CEO.

And Next: Micron expects fiscal first quarter revenue to be approximately $4.25 billion, plus or minus $250 million from average analyst estimate of $5.62 billion.

The company said it expects first-quarter adjusted earnings of about 4 cents per share, plus or minus 10 cents per share, versus average estimates of 64 cents per share.

"We are taking decisive action to reduce the growth of our offering, including a nearly 50% reduction in wafer fabrication equipment spend over last year, and we expect to emerge from this cycle well positioned to capitalize on the long term demand for memory and storage," Mehrotra said.

Related link: What Micron Investors Need to Know About 4th Quarter Earnings: Earnings Overshoot, Earnings Shortfall, Weak Guidance

Analyst Assessment: Several analysts lowered share price targets after the company's quarterly results.

BofA Securities analyst Vivek Arya held Micron with a neutral and lowered the price target from $62 to $58. BMO Capital analyst Ambrish Srivastava held Micron with an outperformance and lowered the price target from $80 to $70. Morgan Stanley analyst Joseph Moore kept Micron underweight and lowered the price target from $56 to $49. Piper Sandler analyst Harsh Kumar kept Micron underweight and lowered the price target from $50 to $45.

MU Price Action: Micron has a 52 week high of $98.45 and a 52 week low of $48.45.

The stock is up 1.92% to $50.96 at press time.

Photo: courtesy of Micron.

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