Lam Research (NASDAQ:LRCX) PT Raised to $1,030.00

Lam Research (NASDAQ:LRCX) had its price objective boosted by research analysts at Needham & Company LLC from $900.00 to $1,030.00 in a note issued to investors on Thursday, MarketBeat reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price indicates a potential upside of 12.91% from the company’s current price.

Several other equities research analysts have also weighed in on LRCX. Raymond James increased their target price on Lam Research from $850.00 to $950.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. UBS Group increased their target price on Lam Research from $885.00 to $1,130.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Cantor Fitzgerald increased their target price on Lam Research from $900.00 to $1,100.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Deutsche Bank Aktiengesellschaft initiated coverage on Lam Research in a research report on Thursday, April 11th. They issued a “hold” rating and a $1,000.00 target price on the stock. Finally, Wells Fargo & Company increased their price target on Lam Research from $930.00 to $980.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 2nd. Eight analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Lam Research currently has a consensus rating of “Moderate Buy” and a consensus price target of $881.45.

Lam Research Stock Performance

Shares of LRCX opened at $912.26 on Thursday. The business’s 50 day moving average is $945.78 and its two-hundred day moving average is $797.54. Lam Research has a 52-week low of $482.74 and a 52-week high of $1,007.39. The firm has a market cap of $119.60 billion, a price-to-earnings ratio of 35.28, a PEG ratio of 3.49 and a beta of 1.51. The company has a quick ratio of 2.02, a current ratio of 3.06 and a debt-to-equity ratio of 0.61.

Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, January 24th. The semiconductor company reported $7.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.06 by $0.46. The company had revenue of $3.76 billion for the quarter, compared to analyst estimates of $3.71 billion. Lam Research had a return on equity of 44.47% and a net margin of 24.15%. Lam Research’s quarterly revenue was down 28.8% on a year-over-year basis. During the same period in the prior year, the company posted $10.71 EPS. Analysts forecast that Lam Research will post 28.9 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Christina Corrreia sold 647 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $972.03, for a total value 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, SVP Seshasayee Varadarajan sold 5,500 shares of Lam Research stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $922.41, for a total transaction of $5,073,255.00. Following the sale, the senior vice president now owns 22,095 shares of the company’s stock, valued at approximately $20,380,648.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Christina Corrreia sold 647 shares of Lam Research stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $972.03, for a total value of $628,903.41. Following the sale, the chief accounting officer now directly owns 5,541 shares in the company, valued at approximately $5,386,018.23. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,029 shares of company stock valued at $6,559,489. Corporate insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Lam Research

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Aviance Capital Partners LLC lifted its position in shares of Lam Research by 2.1% during the 1st quarter. Aviance Capital Partners LLC now owns 9,705 shares of the semiconductor company’s stock worth $9,429,000 after buying an additional 200 shares during the period. Successful Portfolios LLC bought a new position in Lam Research in the 1st quarter valued at $247,000. SteelPeak Wealth LLC raised its position in Lam Research by 116.9% in the 1st quarter. SteelPeak Wealth LLC now owns 10,975 shares of the semiconductor company’s stock valued at $10,685,000 after purchasing an additional 5,916 shares during the last quarter. Cornerstone Wealth Group LLC bought a new position in Lam Research in the 1st quarter valued at $243,000. Finally, New Mexico Educational Retirement Board raised its position in Lam Research by 15.7% in the 1st quarter. New Mexico Educational Retirement Board now owns 8,093 shares of the semiconductor company’s stock valued at $7,863,000 after purchasing an additional 1,100 shares during the last quarter. Institutional investors own 84.61% of the company’s stock.

Lam Research Company Profile

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.