Lam Research Corporation (LRCX) Given New $270.00 Price Target at Bank of America Corporation

Lam Research Corporation (NASDAQ:LRCX) had its price target increased by analysts at Bank of America Corporation from $230.00 to $270.00 in a note issued to investors on Wednesday, October 18th. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Bank of America Corporation’s target price would indicate a potential upside of 29.81% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $230.00 target price on shares of Lam Research Corporation in a research note on Wednesday, October 18th. Credit Suisse Group reissued an “outperform” rating and issued a $245.00 price objective (up from $214.00) on shares of Lam Research Corporation in a research note on Wednesday, October 18th. Citigroup Inc. lifted their price objective on shares of Lam Research Corporation from $175.00 to $200.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 18th. Morgan Stanley raised their target price on shares of Lam Research Corporation from $176.00 to $213.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Finally, KeyCorp restated a “buy” rating and issued a $225.00 target price (up previously from $202.00) on shares of Lam Research Corporation in a report on Wednesday, October 18th. Five research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. Lam Research Corporation presently has a consensus rating of “Buy” and a consensus target price of $209.32.

Shares of Lam Research Corporation (LRCX) traded up 0.59% during midday trading on Wednesday, hitting $208.00. The company had a trading volume of 1,984,656 shares. The stock has a market capitalization of $33.73 billion, a price-to-earnings ratio of 18.99 and a beta of 1.53. The stock’s 50-day moving average price is $182.92 and its 200-day moving average price is $160.30. Lam Research Corporation has a one year low of $93.69 and a one year high of $208.41.

Lam Research Corporation (NASDAQ:LRCX) last issued its quarterly earnings data on Tuesday, October 17th. The semiconductor company reported $3.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.27 by $0.19. The company had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.46 billion. Lam Research Corporation had a net margin of 22.85% and a return on equity of 30.19%. The firm’s revenue for the quarter was up 51.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.81 earnings per share. Analysts predict that Lam Research Corporation will post $14.60 EPS for the current year.

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In other news, Director Stephen G. Newberry sold 750 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $190.00, for a total transaction of $142,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Timothy Archer sold 15,638 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $175.65, for a total transaction of $2,746,814.70. The disclosure for this sale can be found here. Insiders have sold 40,419 shares of company stock worth $7,167,497 in the last three months. Corporate insiders own 0.41% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in LRCX. Municipal Employees Retirement System of Michigan lifted its holdings in Lam Research Corporation by 2.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 5,250 shares of the semiconductor company’s stock valued at $674,000 after acquiring an additional 150 shares during the period. Banque Pictet & Cie SA lifted its holdings in Lam Research Corporation by 75.8% in the first quarter. Banque Pictet & Cie SA now owns 55,762 shares of the semiconductor company’s stock valued at $7,158,000 after acquiring an additional 24,047 shares during the period. Thrivent Financial For Lutherans raised its stake in shares of Lam Research Corporation by 0.3% during the 1st quarter. Thrivent Financial For Lutherans now owns 176,975 shares of the semiconductor company’s stock worth $22,691,000 after buying an additional 460 shares during the last quarter. Global X Management Co. LLC raised its stake in shares of Lam Research Corporation by 32.5% during the 1st quarter. Global X Management Co. LLC now owns 2,755 shares of the semiconductor company’s stock worth $354,000 after buying an additional 676 shares during the last quarter. Finally, Putnam FL Investment Management Co. raised its stake in shares of Lam Research Corporation by 72.4% during the 1st quarter. Putnam FL Investment Management Co. now owns 108,433 shares of the semiconductor company’s stock worth $13,919,000 after buying an additional 45,546 shares during the last quarter. 94.17% of the stock is owned by institutional investors.

Lam Research Corporation Company Profile

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.

Analyst Recommendations for Lam Research Corporation (NASDAQ:LRCX)

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