Citigroup Increases Lam Research (NASDAQ:LRCX) Price Target to $1,025.00

Lam Research (NASDAQ:LRCX) had its price target lifted by Citigroup from $975.00 to $1,025.00 in a research note published on Thursday, Benzinga reports. Citigroup currently has a buy rating on the semiconductor company’s stock.

LRCX has been the subject of several other research reports. UBS Group lifted their price target on Lam Research from $1,130.00 to $1,150.00 and gave the stock a buy rating in a research note on Thursday. Susquehanna dropped their target price on Lam Research from $880.00 to $850.00 and set a neutral rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Lam Research in a research note on Thursday, April 11th. They set a hold rating and a $1,000.00 price target on the stock. TD Cowen upped their price objective on shares of Lam Research from $975.00 to $1,000.00 and gave the company a buy rating in a research note on Thursday. Finally, Mizuho lifted their target price on shares of Lam Research from $935.00 to $960.00 and gave the stock a buy rating in a research report on Thursday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $950.85.

Lam Research Price Performance

Shares of NASDAQ LRCX opened at $925.37 on Thursday. The firm has a market capitalization of $121.32 billion, a P/E ratio of 34.03, a P/E/G ratio of 2.88 and a beta of 1.51. The company has a quick ratio of 1.84, a current ratio of 2.82 and a debt-to-equity ratio of 0.56. The stock’s 50-day simple moving average is $943.67 and its two-hundred day simple moving average is $811.51. Lam Research has a twelve month low of $493.42 and a twelve month high of $1,007.39.

Lam Research (NASDAQ:LRCX) last announced its earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share for the quarter, beating analysts’ consensus estimates of $7.26 by $0.53. The business had revenue of $3.79 billion for the quarter, compared to the consensus estimate of $3.72 billion. Lam Research had a net margin of 25.35% and a return on equity of 45.96%. Lam Research’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period last year, the firm posted $6.99 earnings per share. As a group, equities analysts anticipate that Lam Research will post 29.54 EPS for the current fiscal year.

Lam Research Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 3rd. Stockholders of record on Wednesday, March 13th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Tuesday, March 12th. Lam Research’s dividend payout ratio is currently 29.42%.

Insider Activity

In other news, SVP Seshasayee Varadarajan sold 5,500 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $922.41, for a total value of $5,073,255.00. Following the sale, the senior vice president now directly owns 22,095 shares of the company’s stock, valued at approximately $20,380,648.95. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Christina Corrreia sold 647 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $972.03, for a total value of $628,903.41. Following the completion of the transaction, the chief accounting officer now directly owns 5,541 shares in the company, valued at approximately $5,386,018.23. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Seshasayee Varadarajan sold 5,500 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $922.41, for a total value of $5,073,255.00. Following the sale, the senior vice president now directly owns 22,095 shares in the company, valued at $20,380,648.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,029 shares of company stock worth $6,559,489. Corporate insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Orion Capital Management LLC bought a new position in shares of Lam Research during the 3rd quarter valued at $25,000. BluePath Capital Management LLC purchased a new position in Lam Research in the third quarter worth about $28,000. DSM Capital Partners LLC bought a new stake in shares of Lam Research during the 4th quarter valued at about $28,000. OFI Invest Asset Management purchased a new stake in shares of Lam Research during the 3rd quarter valued at about $30,000. Finally, Asset Dedication LLC lifted its stake in shares of Lam Research by 56.7% in the 3rd quarter. Asset Dedication LLC now owns 47 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 17 shares during the period. 84.61% of the stock is owned by hedge funds and other institutional investors.

Lam Research Company Profile

Lam Research Corporation designs, manufactures, markets, refurbishes, and services semiconductor processing equipment used in the fabrication of integrated circuits. The company offers ALTUS systems to deposit conformal films for tungsten metallization applications; SABRE electrochemical deposition products for copper interconnect transition that offers copper damascene manufacturing; SOLA ultraviolet thermal processing products for film treatments; and VECTOR plasma-enhanced CVD ALD products.