Lam Research (NASDAQ:LRCX) was upgraded by analysts at Nomura from a “neutral” rating to a “buy” rating in a report released on Thursday, December 7th, MarketBeat reports. The brokerage presently has a $215.00 price target on the semiconductor company’s stock, up from their previous price target of $103.01. Nomura’s target price suggests a potential upside of 16.80% from the stock’s previous close.
Several other research analysts have also commented on the company. Deutsche Bank lifted their price target on Lam Research to $230.00 and gave the stock a “buy” rating in a report on Wednesday, November 15th. KeyCorp restated a “buy” rating and issued a $225.00 price objective on shares of Lam Research in a report on Sunday, November 19th. Credit Suisse Group restated a “buy” rating on shares of Lam Research in a report on Tuesday, August 29th. DA Davidson restated a “buy” rating and issued a $215.00 price objective on shares of Lam Research in a report on Thursday, October 12th. Finally, Royal Bank of Canada lifted their target price on Lam Research from $210.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, November 15th. Four analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $212.99.
Shares of Lam Research (LRCX) traded down $1.47 during midday trading on Thursday, hitting $184.07. 1,378,301 shares of the stock were exchanged, compared to its average volume of 3,006,420. Lam Research has a twelve month low of $105.30 and a twelve month high of $219.70. The firm has a market cap of $30,047.50, a PE ratio of 16.83, a price-to-earnings-growth ratio of 0.85 and a beta of 1.57. The company has a quick ratio of 2.83, a current ratio of 3.31 and a debt-to-equity ratio of 0.24.
Lam Research announced that its board has approved a stock buyback program on Tuesday, November 14th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the semiconductor company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Stephen G. Newberry sold 750 shares of the company’s stock in a transaction on Tuesday, October 17th. The stock was sold at an average price of $195.09, for a total transaction of $146,317.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael R. Cannon sold 9,000 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $212.43, for a total value of $1,911,870.00. The disclosure for this sale can be found here. Insiders have sold 32,769 shares of company stock valued at $6,904,451 in the last 90 days. Company insiders own 0.41% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Krilogy Financial LLC boosted its stake in shares of Lam Research by 91.6% during the third quarter. Krilogy Financial LLC now owns 550 shares of the semiconductor company’s stock valued at $102,000 after acquiring an additional 263 shares during the last quarter. Odey Holdings AG boosted its stake in shares of Lam Research by 9.9% during the second quarter. Odey Holdings AG now owns 810 shares of the semiconductor company’s stock valued at $115,000 after acquiring an additional 73 shares during the last quarter. BDO Wealth Advisors LLC acquired a new stake in shares of Lam Research during the second quarter valued at $118,000. Bollard Group LLC acquired a new stake in shares of Lam Research during the third quarter valued at $130,000. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Lam Research during the second quarter valued at $134,000. 93.37% of the stock is currently owned by institutional investors.
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About Lam Research
Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.
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