Morgan Stanley Lowers Lam Research (NASDAQ:LRCX) Price Target to $774.00

Lam Research (NASDAQ:LRCX) had its target price reduced by research analysts at Morgan Stanley from $929.00 to $774.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price target indicates a potential upside of 2.05% from the company’s current price.

A number of other research firms have also recently issued reports on LRCX. B. Riley upped their price target on shares of Lam Research from $1,130.00 to $1,325.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Deutsche Bank Aktiengesellschaft decreased their target price on Lam Research from $1,100.00 to $950.00 and set a “buy” rating for the company in a research note on Thursday, August 1st. Citigroup dropped their price target on Lam Research from $990.00 to $893.00 and set a “buy” rating on the stock in a research report on Monday. Raymond James increased their price objective on Lam Research from $950.00 to $1,060.00 and gave the company an “outperform” rating in a research report on Friday, June 7th. Finally, Wells Fargo & Company dropped their target price on shares of Lam Research from $1,100.00 to $1,000.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $1,013.37.

Lam Research Price Performance

Shares of LRCX opened at $758.47 on Tuesday. The firm has a market cap of $99.16 billion, a PE ratio of 27.90, a PEG ratio of 1.48 and a beta of 1.48. The firm’s 50 day moving average price is $862.12 and its 200 day moving average price is $930.91. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.00 and a current ratio of 2.97. Lam Research has a twelve month low of $574.42 and a twelve month high of $1,130.00.

Lam Research’s stock is going to split on the morning of Thursday, October 3rd. The 10-1 split was announced on Tuesday, May 21st. The newly issued shares will be payable to shareholders after the market closes on Wednesday, October 2nd.

Lam Research (NASDAQ:LRCX) last posted its earnings results on Wednesday, July 31st. The semiconductor company reported $8.14 earnings per share for the quarter, topping the consensus estimate of $7.58 by $0.56. Lam Research had a return on equity of 48.71% and a net margin of 25.68%. The firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.82 billion. During the same period in the previous year, the company earned $5.98 EPS. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. As a group, research analysts expect that Lam Research will post 35.2 EPS for the current fiscal year.

Lam Research announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 21st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 8.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Lam Research

In other Lam Research news, CAO Christina Correia sold 647 shares of Lam Research stock in a transaction on Monday, July 1st. The stock was sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the completion of the transaction, the chief accounting officer now directly owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $1,062.26, for a total transaction of $687,282.22. Following the completion of the sale, the chief accounting officer now owns 4,914 shares of the company’s stock, valued at $5,219,945.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Neil J. Fernandes sold 4,409 shares of Lam Research stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $1,055.76, for a total transaction of $4,654,845.84. Following the completion of the transaction, the senior vice president now owns 6,857 shares of the company’s stock, valued at approximately $7,239,346.32. The disclosure for this sale can be found here. Insiders have sold 16,326 shares of company stock worth $17,383,715 over the last three months. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Lam Research

Several large investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. lifted its position in Lam Research by 20.5% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 412 shares of the semiconductor company’s stock worth $439,000 after buying an additional 70 shares in the last quarter. Heritage Wealth Management Inc. bought a new position in shares of Lam Research in the second quarter worth about $276,000. Sanctuary Advisors LLC acquired a new position in shares of Lam Research during the second quarter worth approximately $18,140,000. NCP Inc. bought a new stake in shares of Lam Research during the second quarter valued at approximately $213,000. Finally, Brown Financial Advisors acquired a new stake in shares of Lam Research in the second quarter valued at approximately $1,489,000. Institutional investors 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.