Fred Alger Management LLC Buys 67,455 Shares of Lam Research Co. (NASDAQ:LRCX)

Fred Alger Management LLC raised its stake in shares of Lam Research Co. (NASDAQ:LRCX - Free Report) by 854.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 75,350 shares of the semiconductor company's stock after acquiring an additional 67,455 shares during the quarter. Fred Alger Management LLC's holdings in Lam Research were worth $5,460,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Lam Research by 892.7% in the fourth quarter. Vanguard Group Inc. now owns 120,787,727 shares of the semiconductor company's stock worth $8,724,498,000 after purchasing an additional 108,619,564 shares during the last quarter. FMR LLC lifted its position in shares of Lam Research by 1,032.6% during the 4th quarter. FMR LLC now owns 40,031,194 shares of the semiconductor company's stock valued at $2,891,453,000 after acquiring an additional 36,496,689 shares during the period. Ameriprise Financial Inc. boosted its stake in Lam Research by 950.5% during the fourth quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock worth $2,495,128,000 after acquiring an additional 31,255,726 shares in the last quarter. Geode Capital Management LLC grew its holdings in Lam Research by 907.1% in the fourth quarter. Geode Capital Management LLC now owns 31,428,010 shares of the semiconductor company's stock worth $2,265,610,000 after purchasing an additional 28,307,499 shares during the period. Finally, Norges Bank bought a new stake in Lam Research in the fourth quarter valued at $1,661,672,000. Institutional investors and hedge funds own 84.61% of the company's stock.

Analyst Upgrades and Downgrades

LRCX has been the subject of a number of recent research reports. Morgan Stanley boosted their price target on shares of Lam Research from $81.00 to $82.00 and gave the company an "equal weight" rating in a research note on Thursday, April 24th. TD Securities dropped their price target on shares of Lam Research from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. The Goldman Sachs Group decreased their price objective on Lam Research from $96.00 to $85.00 and set a "buy" rating for the company in a report on Friday, January 10th. Oppenheimer dropped their target price on Lam Research from $95.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $90.00 price target on shares of Lam Research in a report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $91.56.

Insiders Place Their Bets

In related news, SVP Seshasayee Varadarajan sold 110,080 shares of the business's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $90.00, for a total transaction of $9,907,200.00. Following the transaction, the senior vice president now owns 179,084 shares in the company, valued at $16,117,560. The trade was a 38.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.29% of the company's stock.

Lam Research Stock Up 0.7 %

Shares of LRCX opened at $75.43 on Friday. Lam Research Co. has a 1 year low of $56.32 and a 1 year high of $113.00. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.54 and a quick ratio of 1.73. The stock has a 50 day simple moving average of $71.56 and a two-hundred day simple moving average of $75.19. The firm has a market cap of $96.48 billion, a P/E ratio of 22.91, a P/E/G ratio of 1.47 and a beta of 1.64.

Lam Research (NASDAQ:LRCX - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The semiconductor company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.04. The business had revenue of $4.72 billion during the quarter, compared to analyst estimates of $4.64 billion. Lam Research had a net margin of 26.49% and a return on equity of 51.86%. The company's revenue was up 24.4% on a year-over-year basis. During the same period in the prior year, the business posted $7.79 earnings per share. On average, analysts forecast that Lam Research Co. will post 3.71 earnings per share for the current fiscal year.

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.

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