KLA Corporation (NASDAQ:KLAC) Shares Acquired by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services LLC increased its ownership in KLA Corporation by 4.1%, acquiring a total of 33,705 shares valued at approximately $22.9 million.
• KLA's stock has seen a mix of analyst ratings, with targets raised to as high as $960.00, while the consensus average price target is $890.59.
• The company reported strong quarterly earnings, beating analyst estimates with $9.38 EPS and a revenue increase of 23.6% year-over-year.

Commonwealth Equity Services LLC lifted its position in KLA Corporation (NASDAQ:KLAC - Free Report) by 4.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,705 shares of the semiconductor company's stock after acquiring an additional 1,317 shares during the period. Commonwealth Equity Services LLC's holdings in KLA were worth $22,913,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management acquired a new position in shares of KLA during the 1st quarter worth approximately $35,000. Olde Wealth Management LLC purchased a new position in KLA during the first quarter worth approximately $36,000. MJT & Associates Financial Advisory Group Inc. acquired a new position in KLA during the first quarter worth $37,000. Hazlett Burt & Watson Inc. acquired a new position in KLA during the first quarter worth $45,000. Finally, E Fund Management Hong Kong Co. Ltd. grew its holdings in KLA by 527.3% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 69 shares of the semiconductor company's stock valued at $47,000 after buying an additional 58 shares in the last quarter. 86.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on KLAC shares. TD Securities lifted their price target on KLA from $770.00 to $800.00 and gave the stock a "hold" rating in a report on Thursday, May 1st. Cowen reaffirmed a "hold" rating on shares of KLA in a research note on Thursday, May 1st. UBS Group increased their price target on shares of KLA from $775.00 to $960.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Raymond James Financial reaffirmed an "outperform" rating and set a $950.00 price target (up previously from $850.00) on shares of KLA in a research report on Friday, August 1st. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $920.00 price objective (up from $870.00) on shares of KLA in a report on Tuesday, July 8th. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $890.59.

Insider Buying and Selling

In related news, CAO Virendra A. Kirloskar sold 39 shares of the stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $891.50, for a total transaction of $34,768.50. Following the completion of the sale, the chief accounting officer owned 2,616 shares in the company, valued at $2,332,164. This represents a 1.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Bren D. Higgins sold 1,019 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $766.46, for a total transaction of $781,022.74. Following the sale, the chief financial officer owned 27,779 shares of the company's stock, valued at $21,291,492.34. This trade represents a 3.54% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.12% of the company's stock.

KLA Stock Performance

Shares of KLAC stock opened at $888.28 on Thursday. KLA Corporation has a 12 month low of $551.33 and a 12 month high of $945.87. The company has a current ratio of 2.62, a quick ratio of 1.83 and a debt-to-equity ratio of 1.25. The company has a market cap of $117.47 billion, a P/E ratio of 29.23, a PEG ratio of 3.01 and a beta of 1.44. The firm has a fifty day moving average price of $880.13 and a 200 day moving average price of $771.20.

KLA (NASDAQ:KLAC - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The semiconductor company reported $9.38 EPS for the quarter, beating analysts' consensus estimates of $8.53 by $0.85. The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. KLA had a return on equity of 112.41% and a net margin of 33.41%. The business's revenue for the quarter was up 23.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.60 EPS. Sell-side analysts predict that KLA Corporation will post 31.59 earnings per share for the current fiscal year.

KLA declared that its Board of Directors has initiated a share repurchase program on Wednesday, April 30th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

About KLA

KLA Corporation, together with its subsidiaries, engages in the design, manufacture, and marketing of process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide. It operates through three segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB and Component Inspection.

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