Lam Research Corp. Given New $63.00 Price Target at B. Riley (LRCX)
B. Riley lifted their price objective on shares of Lam Research Corp. (NASDAQ:LRCX) from $58.00 to $63.00 in a research note issued on Tuesday, ARN reports. The firm currently has a “buy” rating on the stock. B. Riley’s price objective suggests a potential upside of 24.16% from the company’s current price.
In other Lam Research Corp. news, Chairman Stephen Newberry sold 25,000 shares of the stock on the open market in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $52.00, for a total transaction of $1,300,000.00. Following the sale, the chairman now directly owns 101,182 shares of the company’s stock, valued at approximately $5,261,464. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Lam Research Corp. (NASDAQ:LRCX) traded down 1.95% on Tuesday, hitting $50.74. 1,351,301 shares of the company’s stock traded hands. Lam Research Corp. has a 52 week low of $31.73 and a 52 week high of $52.31. The stock’s 50-day moving average is $49.6 and its 200-day moving average is $47.05. The company has a market cap of $8.278 billion and a price-to-earnings ratio of 78.41.
Lam Research Corp. (NASDAQ:LRCX) last released its earnings data 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.
A number of other analysts have also recently weighed in on LRCX. Analysts at Northland Securities initiated coverage on shares of Lam Research Corp. 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. 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. 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 assigned a buy rating to the company’s stock. Lam Research Corp. has a consensus rating of “Buy” and a consensus target price of $54.04.
Lam Research Corporation (NASDAQ:LRCX), is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry.
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