Morgan Stanley Issues Positive Forecast for KLA (NASDAQ:KLAC) Stock Price

KLA (NASDAQ:KLAC) had its target price lifted by Morgan Stanley from $868.00 to $916.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

KLAC has been the topic of a number of other research reports. Wall Street Zen upgraded shares of KLA from a “hold” rating to a “buy” rating in a report on Friday, June 27th. Oppenheimer upped their price target on KLA from $740.00 to $950.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 17th. TD Securities raised their price objective on KLA from $770.00 to $800.00 and gave the company a “hold” rating in a research report on Thursday, May 1st. Stifel Nicolaus boosted their target price on KLA from $750.00 to $770.00 and gave the stock a “buy” rating in a report on Thursday, May 1st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of KLA in a report on Tuesday, June 24th. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $818.06.

KLA Trading Down 0.7%

NASDAQ KLAC opened at $914.70 on Tuesday. The firm has a market capitalization of $120.96 billion, a PE ratio of 33.25, a P/E/G ratio of 1.72 and a beta of 1.42. The stock’s 50 day moving average is $799.45 and its 200 day moving average is $731.20. KLA has a twelve month low of $551.33 and a twelve month high of $928.02. The company has a quick ratio of 1.74, a current ratio of 2.54 and a debt-to-equity ratio of 1.47.

KLA (NASDAQ:KLAC) last announced its earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 EPS for the quarter, beating analysts’ consensus estimates of $8.08 by $0.33. The firm had revenue of $3.06 billion for the quarter, compared to analysts’ expectations of $3.01 billion. KLA had a net margin of 31.99% and a return on equity of 112.97%. The company’s quarterly revenue was up 35.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.26 EPS. Research analysts forecast that KLA will post 31.59 earnings per share for the current fiscal year.

KLA announced that its Board of Directors has approved a share repurchase program on Wednesday, April 30th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

KLA Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Shareholders of record on Monday, May 19th were paid a dividend of $1.90 per share. The ex-dividend date was Monday, May 19th. This represents a $7.60 annualized dividend and a yield of 0.83%. This is a boost from KLA’s previous quarterly dividend of $1.70. KLA’s dividend payout ratio is currently 27.63%.

Insider Activity

In other news, CAO Virendra A. Kirloskar sold 39 shares of the firm’s stock in a transaction on Wednesday, July 2nd. The stock was sold at an average price of $891.50, for a total value of $34,768.50. Following the transaction, the chief accounting officer directly owned 2,616 shares in the company, valued at $2,332,164. This trade represents a 1.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Bren D. Higgins sold 1,019 shares of KLA stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $766.46, for a total value of $781,022.74. Following the completion of the sale, the chief financial officer directly owned 27,779 shares of the company’s stock, valued at $21,291,492.34. The trade was a 3.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,860 shares of company stock valued at $8,196,798 over the last three months. Insiders own 0.12% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of KLAC. Activest Wealth Management increased its position in shares of KLA by 4,100.0% during the 1st quarter. Activest Wealth Management now owns 42 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 41 shares during the last quarter. Tortoise Investment Management LLC grew its position in KLA by 300.0% during the fourth quarter. Tortoise Investment Management LLC now owns 48 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 36 shares during the period. TCTC Holdings LLC purchased a new stake in KLA during the fourth quarter valued at approximately $31,000. Kohmann Bosshard Financial Services LLC purchased a new stake in KLA during the fourth quarter valued at approximately $32,000. Finally, Alpine Bank Wealth Management bought a new stake in shares of KLA during the 1st quarter valued at $35,000. 86.65% of the stock is owned by hedge funds and other institutional investors.

KLA Company Profile

KLA Corporation, together with its subsidiaries, engages in the design, manufacture, and marketing of process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide. It operates through three segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB and Component Inspection.