Lam Research (NASDAQ:LRCX) Price Target Raised to $1,030.00 at Needham & Company LLC

Lam Research (NASDAQ:LRCX) had its price objective upped by Needham & Company LLC from $900.00 to $1,030.00 in a research report sent to investors on Thursday, MarketBeat reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

A number of other research analysts have also recently issued reports on LRCX. UBS Group raised their price objective on Lam Research from $885.00 to $1,130.00 and gave the company a buy rating in a research note on Tuesday, March 5th. Cantor Fitzgerald raised their price objective on Lam Research from $900.00 to $1,100.00 and gave the company a neutral rating in a research note on Monday, April 8th. Evercore ISI began coverage on Lam Research in a research note on Tuesday. They set an outperform rating and a $1,200.00 price objective on the stock. TD Cowen raised their price objective on Lam Research from $710.00 to $975.00 and gave the company an outperform rating in a research note on Thursday, January 25th. Finally, The Goldman Sachs Group raised their target price on Lam Research from $700.00 to $912.00 and gave the stock a buy rating in a research note on Thursday, January 25th. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Lam Research has a consensus rating of Moderate Buy and an average target price of $881.45.

Lam Research Stock Down 2.6 %

LRCX opened at $888.92 on Thursday. The stock has a market cap of $116.54 billion, a PE ratio of 34.37, a P/E/G ratio of 3.30 and a beta of 1.51. The company has a quick ratio of 2.02, a current ratio of 3.06 and a debt-to-equity ratio of 0.61. Lam Research has a 52 week low of $482.74 and a 52 week high of $1,007.39. The business’s fifty day simple moving average is $946.27 and its 200 day simple moving average is $798.17.

Lam Research (NASDAQ:LRCX) last released its earnings results on Wednesday, January 24th. The semiconductor company reported $7.52 EPS for the quarter, beating analysts’ consensus estimates of $7.06 by $0.46. The business had revenue of $3.76 billion for the quarter, compared to analysts’ expectations of $3.71 billion. Lam Research had a return on equity of 44.47% and a net margin of 24.15%. The firm’s revenue was down 28.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $10.71 earnings per share. As a group, research analysts expect that Lam Research will post 28.9 earnings per share for the current fiscal year.

Lam Research Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 3rd. Stockholders of record on Wednesday, March 13th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $8.00 annualized dividend and a dividend yield of 0.90%. Lam Research’s payout ratio is 30.94%.

Insider Activity

In other news, Director Abhijit Y. Talwalkar sold 882 shares of Lam Research stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $972.03, for a total transaction of $857,330.46. Following the completion of the transaction, the director now directly owns 10,541 shares in the company, valued at $10,246,168.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Christina Corrreia sold 647 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $972.03, for a total value 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 approximately $5,386,018.23. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Abhijit Y. Talwalkar sold 882 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $972.03, for a total transaction of $857,330.46. Following the completion of the transaction, the director now owns 10,541 shares of the company’s stock, valued at $10,246,168.23. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,029 shares of company stock worth $6,559,489. Insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Lam Research

Hedge funds have recently added to or reduced their stakes in the company. Blue Whale Capital LLP raised its holdings in Lam Research by 0.7% in the 3rd quarter. Blue Whale Capital LLP now owns 112,300 shares of the semiconductor company’s stock worth $70,386,000 after acquiring an additional 800 shares during the last quarter. Everence Capital Management Inc. grew its position in Lam Research by 54.7% in the 4th quarter. Everence Capital Management Inc. now owns 4,073 shares of the semiconductor company’s stock worth $3,190,000 after purchasing an additional 1,440 shares during the period. Gradient Investments LLC grew its position in Lam Research by 32,411.1% in the 4th quarter. Gradient Investments LLC now owns 14,630 shares of the semiconductor company’s stock worth $11,459,000 after purchasing an additional 14,585 shares during the period. Contravisory Investment Management Inc. bought a new stake in Lam Research in the 4th quarter worth approximately $7,930,000. Finally, Treasurer of the State of North Carolina grew its position in Lam Research by 0.9% in the 3rd quarter. Treasurer of the State of North Carolina now owns 63,809 shares of the semiconductor company’s stock worth $39,994,000 after purchasing an additional 560 shares during the period. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

About Lam Research

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.