Cantor Fitzgerald Reiterates “Neutral” Rating for Lam Research (NASDAQ:LRCX)

Lam Research (NASDAQ:LRCX)‘s stock had its “neutral” rating restated by Cantor Fitzgerald in a research report issued on Thursday, Benzinga reports. They currently have a $1,200.00 target price on the semiconductor company’s stock. Cantor Fitzgerald’s price objective indicates a potential upside of 45.79% from the company’s previous close.

LRCX has been the topic of a number of other reports. Susquehanna dropped their target price on shares of Lam Research from $880.00 to $850.00 and set a “neutral” rating on the stock in a research note on Thursday, April 25th. B. Riley boosted their target price on shares of Lam Research from $1,130.00 to $1,325.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Raymond James boosted their target price on shares of Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research note on Friday, June 7th. Wells Fargo & Company dropped their target price on shares of Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Barclays boosted their target price on shares of Lam Research from $865.00 to $900.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 5th. Seven investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,010.35.

Lam Research Stock Down 10.7 %

Lam Research stock traded down $98.16 during midday trading on Thursday, hitting $823.08. 1,330,767 shares of the stock were exchanged, compared to its average volume of 1,034,064. Lam Research has a 52-week low of $574.42 and a 52-week high of $1,130.00. The stock has a market capitalization of $107.61 billion, a price-to-earnings ratio of 30.27, a price-to-earnings-growth ratio of 2.47 and a beta of 1.48. The business’s 50-day moving average price is $1,006.55 and its 200-day moving average price is $945.51. The company has a quick ratio of 1.84, a current ratio of 2.82 and a debt-to-equity ratio of 0.56.

Lam Research shares are going to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly created shares will be issued to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research announced that its board has authorized a share repurchase plan on Tuesday, May 21st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, SVP Neil J. Fernandes sold 1,620 shares of the business’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the completion of the sale, the senior vice president now owns 5,237 shares of the company’s stock, valued at approximately $5,535,456.63. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Timothy Archer sold 9,650 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the transaction, the chief executive officer now owns 84,639 shares in the company, valued at approximately $90,596,739.21. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Neil J. Fernandes sold 1,620 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $1,056.99, for a total value of $1,712,323.80. Following the transaction, the senior vice president now owns 5,237 shares in the company, valued at approximately $5,535,456.63. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,726 shares of company stock valued at $17,746,999. Insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. DSM Capital Partners LLC purchased a new position in Lam Research during the 4th quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in Lam Research during the 2nd quarter valued at about $32,000. Partnership Wealth Management LLC purchased a new position in Lam Research during the 4th quarter valued at about $33,000. RFP Financial Group LLC increased its holdings in Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 12 shares during the period. Finally, Rakuten Securities Inc. purchased a new position in Lam Research during the 4th quarter valued at about $38,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

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.