Lam Research Corp. (NASDAQ:LRCX) issued an update on its second quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.02 for the period, compared to the Thomson Reuters consensus estimate of $0.93, American Banking News reports. The company issued revenue guidance of $1.10 billion, compared to the consensus revenue estimate of plus or minus $0.05.
Shares of Lam Research Corp. (NASDAQ:LRCX) traded down 3.44% during mid-day trading on Wednesday, hitting $52.21. 3,214,769 shares of the company’s stock traded hands. Lam Research Corp. has a 1-year low of $31.17 and a 1-year high of $51.00. The stock’s 50-day moving average is $48.59 and its 200-day moving average is $45.91. The company has a market cap of $8.518 billion and a price-to-earnings ratio of 81.92.
Lam Research Corp. (NASDAQ:LRCX) last announced its earnings results on Wednesday, October 23rd. The company reported $0.81 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.71 by $0.10. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company posted $0.53 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis. On average, analysts predict that Lam Research Corp. will post $3.83 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on LRCX shares. Analysts at Stifel Nicolaus raised their price target on shares of Lam Research Corp. from $57.00 to $66.00 in a research note to investors on Monday. They now have a buy rating on the stock. On a related note, analysts at JPMorgan Chase & Co. initiated coverage on shares of Lam Research Corp. in a research note to investors on Monday, October 14th. They set an overweight rating and a $65.00 price target on the stock. Finally, analysts at B. Riley raised their price target on shares of Lam Research Corp. from $58.00 to $63.00 in a research note to investors on Tuesday, October 8th. They now have a buy rating on the stock. Three investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $56.33.
In other Lam Research Corp. news, Chairman Stephen G. Newberry sold 24,178 shares of the stock on the open market in a transaction dated Friday, October 18th. The shares were sold at an average price of $54.00, for a total transaction of $1,305,612.00. The sale was disclosed in a document filed with the SEC, which is available at this link.
Lam Research Corporation (NASDAQ:LRCX), is a supplier of wafer fabrication equipment and services to the worldwide semiconductor industry.
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