Lam Research (NASDAQ:LRCX) Rating Increased to Buy at B. Riley

Lam Research (NASDAQ:LRCX) was upgraded by analysts at B. Riley from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, MarketBeat reports. The firm presently has a $1,100.00 price objective on the semiconductor company’s stock, up from their prior price objective of $870.00. B. Riley’s price objective would indicate a potential upside of 23.75% from the stock’s previous close.

A number of other research analysts have also weighed in on LRCX. Barclays raised their price objective on Lam Research from $750.00 to $825.00 and gave the company an “equal weight” rating in a research report on Thursday, January 25th. Stifel Nicolaus lifted their price target on Lam Research from $950.00 to $1,050.00 and gave the stock a “buy” rating in a research report on Tuesday. Raymond James lifted their price target on Lam Research from $850.00 to $950.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Evercore ISI began coverage on shares of Lam Research in a research note on Tuesday. They issued an “outperform” rating and a $1,200.00 price objective for the company. Finally, Susquehanna lifted their price target on shares of Lam Research from $655.00 to $880.00 and gave the company a “neutral” rating in a research note on Monday, January 29th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $899.64.

Lam Research Price Performance

Shares of Lam Research stock opened at $888.92 on Friday. Lam Research has a one year low of $482.74 and a one year high of $1,007.39. The stock’s fifty day moving average is $946.27 and its 200 day moving average is $798.17. The stock has a market cap of $116.54 billion, a P/E ratio of 34.37, a P/E/G ratio of 3.30 and a beta of 1.51. The company has a debt-to-equity ratio of 0.61, a quick ratio of 2.02 and a current ratio of 3.06.

Lam Research (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, January 24th. The semiconductor company reported $7.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.06 by $0.46. Lam Research had a return on equity of 44.47% and a net margin of 24.15%. The business had revenue of $3.76 billion during the quarter, compared to analyst estimates of $3.71 billion. During the same quarter in the prior year, the business posted $10.71 EPS. Lam Research’s revenue for the quarter was down 28.8% compared to the same quarter last year. Sell-side analysts anticipate that Lam Research will post 28.9 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On Lam Research

Several hedge funds have recently modified their holdings of LRCX. Baird Financial Group Inc. boosted its stake in shares of Lam Research by 11.5% during the 1st quarter. Baird Financial Group Inc. now owns 39,514 shares of the semiconductor company’s stock worth $21,243,000 after acquiring an additional 4,090 shares in the last quarter. Zions Bancorporation N.A. boosted its stake in shares of Lam Research by 39.1% during the 1st quarter. Zions Bancorporation N.A. now owns 281 shares of the semiconductor company’s stock worth $151,000 after acquiring an additional 79 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in shares of Lam Research by 18.8% during the 1st quarter. Brown Brothers Harriman & Co. now owns 721 shares of the semiconductor company’s stock worth $388,000 after acquiring an additional 114 shares in the last quarter. Covestor Ltd lifted its stake in Lam Research by 51.9% in the 1st quarter. Covestor Ltd now owns 322 shares of the semiconductor company’s stock valued at $173,000 after buying an additional 110 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in Lam Research by 11.8% in the 1st quarter. Mackenzie Financial Corp now owns 233,280 shares of the semiconductor company’s stock valued at $125,414,000 after buying an additional 24,636 shares in the last quarter. 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.