Lam Research (NASDAQ:LRCX) had its price target upped by equities research analysts at JPMorgan Chase & Co. from $230.00 to $260.00 in a research note issued on Thursday. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. JPMorgan Chase & Co.’s price target suggests a potential upside of 30.49% from the company’s current price.
LRCX has been the topic of a number of other reports. Needham & Company LLC restated a “buy” rating and issued a $220.00 price target (up from $200.00) on shares of Lam Research in a research note on Friday, October 13th. KeyCorp restated a “buy” rating and issued a $225.00 price target on shares of Lam Research in a research note on Sunday, November 19th. BidaskClub downgraded shares of Lam Research from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 2nd. B. Riley restated a “buy” rating and issued a $250.00 price target on shares of Lam Research in a research note on Tuesday, November 14th. Finally, Berenberg Bank restated a “buy” rating and issued a $240.00 price target on shares of Lam Research in a research note on Thursday, October 19th. One research analyst has rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $232.41.
Lam Research (NASDAQ LRCX) traded down $10.48 on Thursday, hitting $199.25. 8,277,302 shares of the stock were exchanged, compared to its average volume of 2,940,000. Lam Research has a one year low of $112.86 and a one year high of $219.70. The company has a current ratio of 3.31, a quick ratio of 2.83 and a debt-to-equity ratio of 0.24. The firm has a market cap of $32,270.00, a P/E ratio of 18.20, a P/E/G ratio of 0.98 and a beta of 1.57.
Lam Research declared that its Board of Directors has initiated a share buyback program on Tuesday, November 14th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, Director Michael R. Cannon sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $212.43, for a total value of $1,911,870.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Seshasayee Varadarajan sold 25,453 shares of the business’s stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $215.00, for a total transaction of $5,472,395.00. The disclosure for this sale can be found here. Insiders sold a total of 56,722 shares of company stock worth $12,088,028 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of LRCX. MML Investors Services LLC increased its stake in shares of Lam Research by 84.8% in the 2nd quarter. MML Investors Services LLC now owns 3,514 shares of the semiconductor company’s stock valued at $497,000 after acquiring an additional 1,612 shares in the last quarter. Suntrust Banks Inc. increased its stake in shares of Lam Research by 4.9% in the 2nd quarter. Suntrust Banks Inc. now owns 6,334 shares of the semiconductor company’s stock valued at $894,000 after acquiring an additional 297 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Lam Research by 200.8% in the 2nd quarter. Renaissance Technologies LLC now owns 397,056 shares of the semiconductor company’s stock valued at $56,156,000 after acquiring an additional 265,056 shares in the last quarter. Hancock Holding Co. increased its stake in shares of Lam Research by 1.3% in the 2nd quarter. Hancock Holding Co. now owns 8,323 shares of the semiconductor company’s stock valued at $1,177,000 after acquiring an additional 107 shares in the last quarter. Finally, Epoch Investment Partners Inc. increased its stake in shares of Lam Research by 35.6% in the 2nd quarter. Epoch Investment Partners Inc. now owns 64,108 shares of the semiconductor company’s stock valued at $9,067,000 after acquiring an additional 16,828 shares in the last quarter. Hedge funds and other institutional investors own 93.01% of the company’s stock.
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About Lam Research
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.
