Lam Research (NASDAQ:LRCX) Price Target Increased to $1,050.00 by Analysts at TD Cowen

Lam Research (NASDAQ:LRCX) had its target price boosted by equities researchers at TD Cowen from $1,000.00 to $1,050.00 in a research report issued to clients and investors on Thursday, Briefing.com reports. The firm currently has a “buy” rating on the semiconductor company’s stock. TD Cowen’s target price would suggest a potential upside of 13.98% from the company’s previous close.

A number of other brokerages have also commented on LRCX. Stifel Nicolaus lifted their price target on shares of Lam Research from $950.00 to $1,050.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Susquehanna reduced their price target on shares of Lam Research from $880.00 to $850.00 and set a “neutral” rating for the company in a research note on Thursday, April 25th. Wells Fargo & Company boosted their target price on shares of Lam Research from $980.00 to $1,100.00 and gave the company an “equal weight” rating in a research report on Monday, June 17th. UBS Group boosted their target price on shares of Lam Research from $1,130.00 to $1,150.00 and gave the company a “buy” rating in a research report on Thursday, April 25th. Finally, Evercore ISI initiated coverage on shares of Lam Research in a research report on Tuesday, April 16th. They set an “outperform” rating and a $1,200.00 target price for the company. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $1,010.35.

Lam Research Stock Performance

Shares of LRCX stock opened at $921.24 on Thursday. The company has a 50 day moving average price of $1,006.55 and a 200-day moving average price of $945.51. Lam Research has a 52 week low of $574.42 and a 52 week high of $1,130.00. The firm has a market capitalization of $120.44 billion, a PE ratio of 33.88, a P/E/G ratio of 2.47 and a beta of 1.48. 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 scheduled to split before the market opens on Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, October 2nd.

Lam Research declared that its board has approved a stock repurchase program on Tuesday, May 21st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 8.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Lam Research

In other news, CEO Timothy Archer sold 9,650 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total value of $10,329,263.50. Following the transaction, the chief executive officer now owns 84,639 shares of the company’s stock, valued at $90,596,739.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider George M. Schisler sold 400 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $908.21, for a total transaction of $363,284.00. Following the sale, the insider now owns 5,661 shares of the company’s stock, valued at $5,141,376.81. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Timothy Archer sold 9,650 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $1,070.39, for a total transaction of $10,329,263.50. Following the sale, the chief executive officer now directly owns 84,639 shares in the company, valued at approximately $90,596,739.21. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,726 shares of company stock valued at $17,746,999. 0.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lam Research

A number of hedge funds have recently bought and sold shares of LRCX. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Lam Research in the second quarter worth about $32,000. RFP Financial Group LLC grew its holdings in shares of Lam Research by 52.2% in the second quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 12 shares during the last quarter. DSM Capital Partners LLC bought a new position in shares of Lam Research in the fourth quarter worth about $28,000. Hobbs Group Advisors LLC bought a new position in shares of Lam Research in the second quarter worth about $40,000. Finally, Partnership Wealth Management LLC bought a new position in shares of Lam Research in the fourth quarter worth about $33,000. 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.