Lam Research (NASDAQ:LRCX) PT Raised to $1,100.00 – MarketBeat
Lam Research (NASDAQ:LRCX – Get Free Report) had its price objective hoisted by Wells Fargo & Company from $980.00 to $1,100.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 2.64% from the company’s current price.
A number of other research firms also recently commented on LRCX. Cantor Fitzgerald reiterated a “neutral” rating and issued a $1,100.00 price objective on shares of Lam Research in a report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft started coverage on shares of Lam Research in a report on Thursday, April 11th. They issued a “hold” rating and a $1,000.00 price objective for the company. Mizuho increased their price objective on shares of Lam Research from $935.00 to $960.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Barclays increased their price objective on shares of Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a report on Wednesday, June 5th. Finally, StockNews.com downgraded shares of Lam Research from a “buy” rating to a “hold” rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Lam Research presently has a consensus rating of “Moderate Buy” and a consensus price target of $970.57.
Check Out Our Latest Research Report on Lam Research
Shares of LRCX stock traded up $35.72 during mid-day trading on Monday, hitting $1,071.70. 1,048,202 shares of the stock were exchanged, compared to its average volume of 1,013,814. The firm has a fifty day moving average of $942.44 and a 200 day moving average of $886.09. The company has a quick ratio of 1.84, a current ratio of 2.82 and a debt-to-equity ratio of 0.56. Lam Research has a 52-week low of $574.42 and a 52-week high of $1,073.39. The company has a market cap of $140.11 billion, a PE ratio of 39.42, a price-to-earnings-growth ratio of 3.58 and a beta of 1.46.
Lam Research shares are scheduled to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be payable to shareholders after the market closes on Wednesday, October 2nd.
Lam Research (NASDAQ:LRCX – Get Free Report) last issued its quarterly earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share for the quarter, beating analysts’ consensus estimates of $7.26 by $0.53. The firm had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.72 billion. Lam Research had a net margin of 25.35% and a return on equity of 45.96%. Lam Research’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the company posted $6.99 EPS. Research analysts anticipate that Lam Research will post 29.67 earnings per share for the current year.
Lam Research declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 21st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor company to reacquire up to 8.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Lam Research news, CAO Christina Corrreia sold 647 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $972.03, for a total value of $628,903.41. Following the completion of the transaction, the chief accounting officer now owns 5,541 shares of the company’s stock, valued at approximately $5,386,018.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Christina Corrreia sold 647 shares of Lam Research stock in a transaction on Monday, April 1st. The shares were sold at an average price of $972.03, for a total transaction of $628,903.41. Following the completion of the sale, the chief accounting officer now directly owns 5,541 shares of the company’s stock, valued at approximately $5,386,018.23. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider George M. Schisler sold 400 shares of Lam Research 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 sale, 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 sold 1,989 shares of company stock valued at $1,904,810 in the last 90 days. Company insiders own 0.32% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Kestra Advisory Services LLC lifted its position in Lam Research by 4.3% in the third quarter. Kestra Advisory Services LLC now owns 9,620 shares of the semiconductor company’s stock valued at $6,030,000 after acquiring an additional 393 shares during the last quarter. Glenview Trust co lifted its position in Lam Research by 40.4% in the third quarter. Glenview Trust co now owns 4,151 shares of the semiconductor company’s stock valued at $2,602,000 after acquiring an additional 1,194 shares during the last quarter. CenterBook Partners LP lifted its position in Lam Research by 4.6% in the third quarter. CenterBook Partners LP now owns 2,994 shares of the semiconductor company’s stock valued at $1,877,000 after acquiring an additional 133 shares during the last quarter. V Square Quantitative Management LLC lifted its position in Lam Research by 41.4% in the third quarter. V Square Quantitative Management LLC now owns 1,179 shares of the semiconductor company’s stock valued at $739,000 after acquiring an additional 345 shares during the last quarter. Finally, Provence Wealth Management Group lifted its position in Lam Research by 11.6% in the third quarter. Provence Wealth Management Group now owns 692 shares of the semiconductor company’s stock valued at $434,000 after acquiring an additional 72 shares during the last quarter. 84.61% of the stock is owned by hedge funds and other institutional investors.
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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