Lam Research (NASDAQ:LRCX) Given New $310.00 Price Target at B. Riley Financial

Lam Research (NASDAQ:LRCX) had its price target decreased by analysts at B. Riley Financial from $338.00 to $310.00 in a report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. B. Riley Financial‘s target price suggests a potential upside of 44.23% from the company’s previous close.

LRCX has been the subject of several other reports. UBS Group reiterated a “buy” rating and set a $400.00 price objective (down from $425.00) on shares of Lam Research in a report on Thursday, October 22nd. Jefferies Financial Group set a $335.00 target price on Lam Research and gave the company a “buy” rating in a research note on Thursday, July 30th. Berenberg Bank set a $420.00 price target on Lam Research in a research note on Wednesday, September 9th. Fundamental Research set a $390.00 price target on Lam Research in a report on Thursday, October 1st. Finally, Morgan Stanley set a $339.00 price target on Lam Research and gave the company an “overweight” rating in a report on Thursday, October 22nd. Twenty-six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Lam Research presently has an average rating of “Moderate Buy” and an average price target of $357.57.

Lam Research Stock Up 7.2%

Shares of LRCX stock traded up $14.50 during trading on Monday, hitting $214.94. 1,560,194 shares of the company were exchanged, compared to its average volume of 10,896,967. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.86 and a current ratio of 2.48. The firm has a market capitalization of $268.49 billion, a price-to-earnings ratio of 32.07, a P/E/G ratio of 0.74 and a beta of 1.97. The business’s 50-day simple moving average is $284.37 and its 200 day simple moving average is $283.67. Lam Research has a twelve month low of $135.50 and a twelve month high of $438.50.

Lam Research (NASDAQ:LRCX) last released its quarterly earnings data on Wednesday, October 21st. The semiconductor company reported $2.20 earnings per share for the quarter, beating the consensus estimate of $2.18 by $0.02. Lam Research had a net margin of 32.34% and a return on equity of 72.15%. The firm had revenue of $8.22 billion for the quarter, compared to analyst estimates of $8.14 billion. During the same quarter in the prior year, the business earned $1.26 EPS. The company’s revenue for the quarter was up 54.4% compared to the same quarter last year. As a group, analysts forecast that Lam Research will post 9.59 EPS for the current fiscal year.

Lam Research announced that its Board of Directors has initiated a share buyback program on Thursday, November 5th that allows the company to repurchase $25 billion in shares. This repurchase authorization allows the semiconductor company to repurchase up to 9% of its shares through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Lam Research

In other Lam Research news, insider Ava Harter sold 5,000 shares of the firm’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $302.46, for a total transaction of $1,512,300.00. Following the transaction, the insider directly owned 42,462 shares in the company, valued at $12,843,056.52. This trade represents a 10.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Bethany Mayer sold 9,557 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $314.74, for a total value of $3,007,970.18. Following the transaction, the director owned 20,995 shares in the company, valued at approximately $6,607,966.30. This trade represents a 31.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. AlTi Global Inc. raised its holdings in Lam Research by 21.7% in the 3rd quarter. AlTi Global Inc. now owns 3,127 shares of the semiconductor company’s stock worth $1,028,000 after acquiring an additional 558 shares during the period. Phoenix Financial Ltd. lifted its position in Lam Research by 114.5% during the 3rd quarter. Phoenix Financial Ltd. now owns 16,621 shares of the semiconductor company’s stock worth $5,460,000 after acquiring an additional 8,872 shares during the last quarter. Danske Bank A S boosted its holdings in Lam Research by 7.6% during the third quarter. Danske Bank A S now owns 1,026,589 shares of the semiconductor company’s stock valued at $337,245,000 after acquiring an additional 72,410 shares during the period. Cornerstone Advisory LLC boosted its holdings in Lam Research by 4.6% during the third quarter. Cornerstone Advisory LLC now owns 2,168 shares of the semiconductor company’s stock valued at $712,000 after acquiring an additional 95 shares during the period. Finally, Ibex Wealth Advisors boosted its holdings in Lam Research by 2.3% during the third quarter. Ibex Wealth Advisors now owns 43,162 shares of the semiconductor company’s stock valued at $14,179,000 after acquiring an additional 987 shares during the period. 84.61% of the stock is owned by institutional investors.

Lam Research Company Profile

Lam Research is a global supplier of equipment and services used to manufacture semiconductors. Its products help chipmakers create and process the microscopic structures that form integrated circuits.

The company’s wafer fabrication equipment is used for processes including etch, thin-film deposition and wafer cleaning. Lam also provides services such as equipment maintenance, upgrades, spare parts and other support for chip manufacturing operations.

Founded in 1980 and headquartered in Fremont, California, Lam Research serves semiconductor manufacturers around the world.