Insider Selling: Lam Research Corp. Chairman Sells 48,700 Shares of Stock (LRCX)
Lam Research Corp. (NASDAQ:LRCX) Chairman Stephen Newberry unloaded 48,700 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $55.00, for a total value of $2,678,500.00. Following the completion of the sale, the chairman now directly owns 101,182 shares in the company, valued at approximately $5,565,010. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
LRCX has been the subject of a number of recent research reports. Analysts at DA Davidson raised their price target on shares of Lam Research Corp. from $60.00 to $63.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Separately, analysts at UBS AG raised their price target on shares of Lam Research Corp. from $55.00 to $60.00 in a research note to investors on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Susquehanna raised their price target on shares of Lam Research Corp. from $57.00 to $63.00 in a research note to investors on Thursday. They now have a “positive” rating on the stock. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $59.58.
Lam Research Corp. (NASDAQ:LRCX) traded down 1.26% during mid-day trading on Monday, hitting $54.08. 1,929,913 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 $48.59 and a 200-day moving average of $45.91. The company has a market cap of $8.773 billion and a P/E ratio of 47.58.
Lam Research Corp. (NASDAQ:LRCX) last released its earnings data on Wednesday, October 23rd. The company reported $0.81 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.71 by $0.10. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company posted $0.53 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis. On average, analysts predict that Lam Research Corp. will post $4.06 earnings per share 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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