Sanford C. Bernstein Cuts Lam Research (NASDAQ:LRCX) Price Target to $85.00

Lam Research (NASDAQ:LRCX) had its price objective cut by research analysts at Sanford C. Bernstein from $95.00 to $85.00 in a report released on Friday,Benzinga reports. The firm currently has a “market perform” rating on the semiconductor company’s stock. Sanford C. Bernstein’s price target indicates a potential upside of 18.76% from the company’s current price.

LRCX has been the topic of several other research reports. 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, October 23rd. BNP Paribas upgraded Lam Research to a “hold” rating in a report on Thursday, October 24th. Mizuho cut their price objective on Lam Research from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, September 20th. UBS Group cut their price objective on Lam Research from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Finally, Morgan Stanley cut their price objective on Lam Research from $81.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 23rd. Eight investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $97.29.

Lam Research Stock Performance

Shares of Lam Research stock opened at $71.57 on Friday. Lam Research has a 52 week low of $68.72 and a 52 week high of $113.00. The business’s fifty day simple moving average is $76.62 and its 200-day simple moving average is $86.79. The firm has a market cap of $92.09 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 1.14 and a beta of 1.48. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53.

Lam Research (NASDAQ:LRCX) last announced its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.81 by $0.05. Lam Research had a return on equity of 50.60% and a net margin of 26.02%. The business had revenue of $4.17 billion for the quarter, compared to analyst estimates of $4.06 billion. During the same quarter in the prior year, the company posted $6.85 EPS. The company’s quarterly revenue was up 19.7% on a year-over-year basis. Equities analysts forecast that Lam Research will post 3.52 earnings per share for the current year.

Insider Activity at Lam Research

In related news, CAO Christina Correia sold 647 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $817.51, for a total value of $528,928.97. Following the completion of the sale, the chief accounting officer now directly owns 4,267 shares of the company’s stock, valued at $3,488,315.17. This represents a 13.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.29% of the company’s stock.

Institutional Trading of Lam Research

A number of hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC lifted its position in Lam Research by 16.7% during the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the semiconductor company’s stock worth $67,000 after acquiring an additional 9 shares during the period. Thomasville National Bank lifted its position in Lam Research by 1.5% during the 2nd quarter. Thomasville National Bank now owns 812 shares of the semiconductor company’s stock worth $865,000 after acquiring an additional 12 shares during the period. Ignite Planners LLC lifted its position in Lam Research by 2.8% during the 2nd quarter. Ignite Planners LLC now owns 445 shares of the semiconductor company’s stock worth $484,000 after acquiring an additional 12 shares during the period. U.S. Capital Wealth Advisors LLC lifted its position in Lam Research by 3.7% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 335 shares of the semiconductor company’s stock worth $357,000 after acquiring an additional 12 shares during the period. Finally, RFP Financial Group LLC lifted its position in Lam Research by 52.2% during the 2nd quarter. RFP Financial Group LLC now owns 35 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 12 shares during the period. 84.61% of the stock is 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.