Insider Selling: Stephen Newberry Sells 25,000 Shares of Lam Research Corp. Stock (LRCX)
Lam Research Corp. (NASDAQ:LRCX) Chairman Stephen Newberry sold 25,000 shares of the stock on the open market in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $50.00, for a total value of $1,250,000.00. Following the transaction, the chairman now directly owns 101,182 shares of the company’s stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Northland Securities initiated coverage on shares of Lam Research Corp. (NASDAQ:LRCX) in a research note to investors on Wednesday, August 28th. They set an “outperform” rating on the stock. Separately, analysts at Northland Capital Partners initiated coverage on shares of Lam Research Corp. (NASDAQ:LRCX) in a research note to investors on Wednesday, August 28th. They set an “outperform” rating and a $58.00 price target on the stock. Finally, analysts at Piper Jaffray Cos. raised their price target on shares of Lam Research Corp. (NASDAQ:LRCX) from $49.00 to $56.00 in a research note to investors on Thursday, August 1st. They now have an “overweight” rating on the stock.
Three investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Lam Research Corp. presently has a consensus rating of “Buy” and an average target price of $53.04.
Lam Research Corp. (NASDAQ:LRCX) traded up 0.38% on Thursday, hitting $50.40. 1,978,876 shares of the company’s stock traded hands. Lam Research Corp. has a one year low of $31.17 and a one year high of $51.00. The stock has a 50-day moving average of $48.57 and a 200-day moving average of $45.85. The company has a market cap of $8.223 billion and a price-to-earnings ratio of 76.08.
Lam Research Corp. (NASDAQ:LRCX) last announced its earnings results on Wednesday, July 31st. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.09. The company had revenue of $986.00 million for the quarter, compared to the consensus estimate of $981.93 million. During the same quarter in the previous year, the company posted $0.60 earnings per share. The company’s revenue for the quarter was up 32.9% on a year-over-year basis. Analysts expect that Lam Research Corp. will post $3.83 EPS for the current fiscal year.
Lam Research Corporation (NASDAQ:LRCX), is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry.
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