Lam Research (NASDAQ:LRCX) Price Target Raised to $1100.00 – Defense World
Posted by Defense World Staff on Jun 17th, 2024 
Lam Research (NASDAQ:LRCX – Get Free Report) had its price objective increased by analysts at Wells Fargo & Company from $980.00 to $1,100.00 in a report released on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 6.13% from the company’s current price.
Several other equities analysts also recently commented on LRCX. Susquehanna dropped their price target on shares of Lam Research from $880.00 to $850.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. StockNews.com cut shares of Lam Research from a “buy” rating to a “hold” rating in a research report on Thursday. Citigroup boosted their price target on shares of Lam Research from $975.00 to $1,025.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Jefferies Financial Group initiated coverage on shares of Lam Research in a report on Monday, May 13th. They issued a “buy” rating and a $1,100.00 target price for the company. Finally, UBS Group upped their target price on shares of Lam Research from $1,130.00 to $1,150.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $970.57.
Check Out Our Latest Report on LRCX
Shares of Lam Research stock traded up $0.48 during mid-day trading on Monday, hitting $1,036.46. The stock had a trading volume of 91,452 shares, compared to its average volume of 1,006,079. The company has a quick ratio of 1.84, a current ratio of 2.82 and a debt-to-equity ratio of 0.56. The firm has a market cap of $135.51 billion, a P/E ratio of 38.12, a price-to-earnings-growth ratio of 3.58 and a beta of 1.46. The firm has a 50-day moving average of $940.35 and a two-hundred day moving average of $883.58. Lam Research has a 12-month low of $574.42 and a 12-month high of $1,044.80.
Lam Research’s stock is set to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be payable to shareholders after the closing bell on Wednesday, October 2nd.
Lam Research (NASDAQ:LRCX – Get Free Report) last posted its quarterly earnings data on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share for the quarter, topping analysts’ consensus estimates of $7.26 by $0.53. The firm had revenue of $3.79 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Lam Research had a net margin of 25.35% and a return on equity of 45.96%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter last year, the company posted $6.99 EPS. Sell-side analysts forecast that Lam Research will post 29.67 earnings per share for the current year.
Lam Research declared that its board has authorized a share buyback program on Tuesday, May 21st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 8.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, insider George M. Schisler sold 400 shares of the stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $908.21, for a total value of $363,284.00. Following the completion of the sale, the insider now owns 5,661 shares of the company’s stock, valued at $5,141,376.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Lam Research news, EVP Patrick J. Lord sold 60 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $921.54, for a total transaction of $55,292.40. Following the completion of the transaction, the executive vice president now directly owns 4,454 shares of the company’s stock, valued at approximately $4,104,539.16. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider George M. Schisler sold 400 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $908.21, for a total transaction of $363,284.00. Following the transaction, the insider now directly owns 5,661 shares of the company’s stock, valued at $5,141,376.81. The disclosure for this sale can be found here. Insiders have sold a total of 1,989 shares of company stock valued at $1,904,810 over the last quarter. Company insiders own 0.32% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Keynote Financial Services LLC bought a new position in shares of Lam Research in the 1st quarter worth about $329,000. Jackson Wealth Management LLC lifted its position in shares of Lam Research by 3.5% in the 1st quarter. Jackson Wealth Management LLC now owns 9,796 shares of the semiconductor company’s stock worth $9,517,000 after buying an additional 329 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Lam Research by 15.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 353 shares of the semiconductor company’s stock worth $316,000 after buying an additional 46 shares during the last quarter. Tactive Advisors LLC lifted its position in shares of Lam Research by 5.7% in the 1st quarter. Tactive Advisors LLC now owns 408 shares of the semiconductor company’s stock worth $396,000 after buying an additional 22 shares during the last quarter. Finally, Cambridge Trust Co. lifted its position in shares of Lam Research by 34.2% in the 1st quarter. Cambridge Trust Co. now owns 200 shares of the semiconductor company’s stock worth $194,000 after buying an additional 51 shares during the last quarter. 84.61% of the stock is owned by institutional investors and hedge funds.
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Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.
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