Lam Research (NASDAQ:LRCX) PT Lowered to $85.00

Lam Research (NASDAQ:LRCX) had its price target cut by equities research analysts at Wells Fargo & Company from $88.00 to $85.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 9.42% from the stock’s current price.

Several other equities research analysts have also weighed in on LRCX. Cantor Fitzgerald reduced their price objective on Lam Research from $120.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft decreased their price target on Lam Research from $110.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 1st. B. Riley cut their price objective on Lam Research from $132.50 to $105.00 and set a “buy” rating on the stock in a report on Wednesday. Mizuho decreased their target price on shares of Lam Research from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, September 20th. Finally, Morgan Stanley cut their price target on shares of Lam Research from $81.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Lam Research currently has an average rating of “Moderate Buy” and a consensus price target of $97.03.

Lam Research Price Performance

NASDAQ:LRCX opened at $77.68 on Thursday. Lam Research has a 52-week low of $57.44 and a 52-week high of $113.00. The company has a quick ratio of 2.00, a current ratio of 2.97 and a debt-to-equity ratio of 0.52. The firm has a market cap of $100.68 billion, a P/E ratio of 26.79, a PEG ratio of 1.89 and a beta of 1.47. The business’s 50-day moving average price is $79.44 and its 200 day moving average price is $89.84.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings data on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.05. Lam Research had a net margin of 25.68% and a return on equity of 48.71%. The company had revenue of $4.17 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same quarter in the previous year, the company posted $6.85 EPS. The business’s revenue was up 19.7% compared to the same quarter last year. As a group, sell-side analysts predict that Lam Research will post 3.23 earnings per share for the current fiscal year.

Insider Activity

In other Lam Research news, CAO Christina Correia sold 647 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total transaction of $528,928.97. Following the transaction, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at $3,488,315.17. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Lam Research

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Financial Advocates Investment Management grew its stake in Lam Research by 27.0% in the 3rd quarter. Financial Advocates Investment Management now owns 945 shares of the semiconductor company’s stock valued at $772,000 after buying an additional 201 shares during the last quarter. Diversify Wealth Management LLC acquired a new stake in shares of Lam Research in the third quarter valued at about $10,767,000. Pinnacle Associates Ltd. increased its stake in shares of Lam Research by 12.3% in the third quarter. Pinnacle Associates Ltd. now owns 77,943 shares of the semiconductor company’s stock worth $61,049,000 after purchasing an additional 8,548 shares during the period. Mutual Advisors LLC lifted its position in shares of Lam Research by 307.2% during the 3rd quarter. Mutual Advisors LLC now owns 8,343 shares of the semiconductor company’s stock worth $6,809,000 after purchasing an additional 6,294 shares during the last quarter. Finally, WD Rutherford LLC boosted its stake in Lam Research by 28.0% during the 3rd quarter. WD Rutherford LLC now owns 1,047 shares of the semiconductor company’s stock valued at $854,000 after purchasing an additional 229 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

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.