Lam Research Corporation (LRCX) Given “Buy” Rating at Needham & Company LLC
Lam Research Corporation (NASDAQ:LRCX)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a note issued to investors on Friday, The Fly reports.
A number of other brokerages have also recently commented on LRCX. BidaskClub raised shares of Lam Research Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $176.00 target price on shares of Lam Research Corporation in a report on Monday, August 14th. DA Davidson reaffirmed a “buy” rating and set a $215.00 target price on shares of Lam Research Corporation in a report on Thursday. Stifel Nicolaus reaffirmed a “buy” rating and set a $189.00 target price (up from $170.00) on shares of Lam Research Corporation in a report on Monday, June 19th. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Lam Research Corporation in a report on Tuesday, August 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $181.83.
Shares of Lam Research Corporation (LRCX) opened at 186.99 on Friday. The stock has a market cap of $30.38 billion, a price-to-earnings ratio of 20.24 and a beta of 1.53. The stock’s 50 day moving average is $173.95 and its 200 day moving average is $155.48. Lam Research Corporation has a 52 week low of $93.69 and a 52 week high of $189.11.
Lam Research Corporation (NASDAQ:LRCX) last announced its earnings results on Wednesday, July 26th. The semiconductor company reported $3.11 EPS for the quarter, beating the Zacks’ consensus estimate of $3.02 by $0.09. Lam Research Corporation had a net margin of 21.19% and a return on equity of 26.78%. The business had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the prior year, the company earned $1.80 earnings per share. The firm’s revenue was up 51.6% on a year-over-year basis. On average, equities analysts forecast that Lam Research Corporation will post $12.78 EPS for the current year.
In related news, COO Timothy Archer sold 6,897 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $160.50, for a total transaction of $1,106,968.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Stephen G. Newberry sold 1,500 shares of the company’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $162.75, for a total transaction of $244,125.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,066 shares of company stock valued at $8,350,148. 0.41% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of LRCX. Janus Henderson Group PLC boosted its position in shares of Lam Research Corporation by 23,238.8% during the second quarter. Janus Henderson Group PLC now owns 4,742,669 shares of the semiconductor company’s stock worth $670,756,000 after acquiring an additional 4,722,348 shares during the last quarter. Harbour Capital Advisors LLC lifted its position in Lam Research Corporation by 13,054.2% during the second quarter. Harbour Capital Advisors LLC now owns 1,890,919 shares of the semiconductor company’s stock valued at $13,370,000 after purchasing an additional 1,876,544 shares during the last quarter. Old Mutual Global Investors UK Ltd. lifted its position in Lam Research Corporation by 1,696.5% during the second quarter. Old Mutual Global Investors UK Ltd. now owns 878,960 shares of the semiconductor company’s stock valued at $124,311,000 after purchasing an additional 830,034 shares during the last quarter. GQG Partners LLC bought a new position in Lam Research Corporation during the second quarter valued at $87,726,000. Finally, Soros Fund Management LLC bought a new position in Lam Research Corporation during the first quarter valued at $71,978,000. Hedge funds and other institutional investors own 93.96% of the company’s stock.
About Lam Research Corporation
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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