Needham & Company LLC Reaffirms “Buy” Rating for Lam Research (NASDAQ:LRCX)

Lam Research (NASDAQ:LRCX)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They currently have a $1,030.00 target price on the semiconductor company’s stock. Needham & Company LLC’s target price points to a potential upside of 16.40% from the stock’s previous close.

A number of other research firms have also recently weighed in on LRCX. Raymond James increased 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. B. Riley raised shares of Lam Research from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $870.00 to $1,100.00 in a report on Friday, April 19th. Citigroup increased their price objective on shares of Lam Research from $800.00 to $975.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Lam Research in a research note on Thursday, April 11th. They set a “hold” rating and a $1,000.00 target price for the company. Finally, Mizuho raised their price target on shares of Lam Research from $900.00 to $935.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $932.85.

Lam Research Price Performance

NASDAQ:LRCX opened at $884.89 on Thursday. The company has a 50 day moving average price of $943.93 and a 200-day moving average price of $806.38. Lam Research has a 1-year low of $493.42 and a 1-year high of $1,007.39. The firm has a market cap of $116.01 billion, a price-to-earnings ratio of 34.22, a price-to-earnings-growth ratio of 3.21 and a beta of 1.51. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.06 and a quick ratio of 2.02.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, January 24th. The semiconductor company reported $7.52 earnings per share for the quarter, beating analysts’ consensus estimates of $7.06 by $0.46. Lam Research had a net margin of 24.15% and a return on equity of 44.47%. The company had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $3.71 billion. During the same quarter in the previous year, the company earned $10.71 earnings per share. The firm’s revenue for the quarter was down 28.8% on a year-over-year basis. Equities research analysts forecast that Lam Research will post 28.96 EPS for the current year.

Insider Transactions at Lam Research

In other Lam Research news, Director Abhijit Y. Talwalkar sold 882 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $972.03, for a total transaction of $857,330.46. Following the sale, the director now directly owns 10,541 shares in the company, valued at $10,246,168.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Seshasayee Varadarajan sold 5,500 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $922.41, for a total value of $5,073,255.00. Following the sale, the senior vice president now owns 22,095 shares of the company’s stock, valued at $20,380,648.95. The sale was disclosed in a filing with the SEC, which can be accessed 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 transaction, the director now owns 10,541 shares of the company’s stock, valued at approximately $10,246,168.23. The disclosure for this sale can be found here. Insiders sold a total of 7,029 shares of company stock worth $6,559,489 over the last ninety days. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Lam Research

A number of hedge funds and other institutional investors have recently bought and sold shares of LRCX. Vanguard Group Inc. increased its holdings in shares of Lam Research by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 11,711,747 shares of the semiconductor company’s stock valued at $9,173,343,000 after acquiring an additional 79,581 shares during the last quarter. Fisher Asset Management LLC raised its holdings in Lam Research by 3.0% during the fourth quarter. Fisher Asset Management LLC now owns 2,973,516 shares of the semiconductor company’s stock worth $2,329,037,000 after purchasing an additional 86,721 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Lam Research by 3.2% in the 3rd quarter. Morgan Stanley now owns 1,857,918 shares of the semiconductor company’s stock valued at $1,164,490,000 after buying an additional 56,824 shares in the last quarter. Norges Bank acquired a new stake in Lam Research during the 4th quarter worth $1,414,111,000. Finally, Bank of New York Mellon Corp lifted its position in Lam Research by 10.8% in the third quarter. Bank of New York Mellon Corp now owns 1,642,367 shares of the semiconductor company’s stock valued at $1,029,386,000 after acquiring an additional 159,815 shares during the last quarter. 84.61% of the stock is currently owned by institutional investors and hedge funds.

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.