Lam Research (NASDAQ:LRCX) Given New $1,200.00 Price Target at Cantor Fitzgerald

Lam Research (NASDAQ:LRCX) had its price objective raised by investment analysts at Cantor Fitzgerald from $1,100.00 to $1,200.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Cantor Fitzgerald’s price target would suggest a potential upside of 11.51% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Wells Fargo & Company lifted their price target on 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. StockNews.com cut Lam Research from a “buy” rating to a “hold” rating in a research report on Thursday, June 13th. B. Riley boosted their price objective on Lam Research from $1,130.00 to $1,325.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Susquehanna cut their price objective on Lam Research from $880.00 to $850.00 and set a “neutral” rating for the company in a research report on Thursday, April 25th. Finally, Jefferies Financial Group assumed coverage on Lam Research in a research report on Monday, May 13th. They issued a “buy” rating and a $1,100.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $986.05.

Lam Research Trading Up 0.7 %

LRCX traded up $7.05 during trading hours on Tuesday, reaching $1,076.16. 239,815 shares of the company’s stock traded hands, compared to its average volume of 997,177. 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 $140.70 billion, a PE ratio of 39.41, a PEG ratio of 3.10 and a beta of 1.48. The firm has a 50-day moving average price of $1,005.24 and a 200 day moving average price of $931.66. 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 set to split 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 (NASDAQ:LRCX) last announced its earnings results on Wednesday, April 24th. The semiconductor company reported $7.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.26 by $0.53. The company had revenue of $3.79 billion for the quarter, compared to analyst estimates of $3.72 billion. Lam Research had a return on equity of 45.96% and a net margin of 25.35%. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted $6.99 EPS. As a group, sell-side analysts predict that Lam Research will post 29.67 EPS for the current fiscal year.

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

Insider Buying and Selling at Lam Research

In other news, CEO Timothy Archer sold 9,650 shares of Lam Research stock in a transaction that occurred 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 approximately $90,596,739.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Timothy Archer sold 9,650 shares of Lam Research stock in a transaction that occurred 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 approximately $90,596,739.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider George M. Schisler sold 400 shares of Lam Research stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $908.21, for a total transaction of $363,284.00. Following the completion of the transaction, the insider now directly owns 5,661 shares in the company, valued at approximately $5,141,376.81. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,786 shares of company stock valued at $17,802,292. Company insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LRCX. Norges Bank acquired a new position in shares of Lam Research in the fourth quarter worth about $1,414,111,000. International Assets Investment Management LLC boosted its holdings in shares of Lam Research by 76,165.7% during the fourth quarter. International Assets Investment Management LLC now owns 318,028 shares of the semiconductor company’s stock worth $249,099,000 after purchasing an additional 317,611 shares during the period. Cerity Partners LLC boosted its holdings in shares of Lam Research by 1,125.6% during the fourth quarter. Cerity Partners LLC now owns 342,139 shares of the semiconductor company’s stock worth $267,984,000 after purchasing an additional 314,224 shares during the period. Swedbank AB acquired a new stake in shares of Lam Research during the first quarter worth approximately $192,668,000. Finally, Van ECK Associates Corp boosted its holdings in shares of Lam Research by 24.6% during the first quarter. Van ECK Associates Corp now owns 968,115 shares of the semiconductor company’s stock worth $940,592,000 after purchasing an additional 191,230 shares during the period. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.