Oppenheimer Forecasts Strong Price Appreciation for KLA (NASDAQ:KLAC) Stock

KLA (NASDAQ:KLAC - Get Free Report) had its price objective boosted by equities researchers at Oppenheimer from $740.00 to $950.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the semiconductor company's stock. Oppenheimer's price target points to a potential upside of 4.64% from the company's previous close.

Other analysts also recently issued reports about the company. Wall Street Zen downgraded KLA from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Cantor Fitzgerald reissued a "neutral" rating and issued a $800.00 price target on shares of KLA in a research note on Thursday, May 1st. JPMorgan Chase & Co. lowered their price objective on shares of KLA from $950.00 to $900.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. TD Cowen lifted their target price on shares of KLA from $770.00 to $800.00 and gave the company a "hold" rating in a report on Thursday, May 1st. Finally, Barclays decreased their price target on KLA from $760.00 to $590.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, KLA has an average rating of "Moderate Buy" and an average price target of $807.06.

KLA Trading Up 1.7%

Shares of NASDAQ KLAC traded up $15.52 during trading on Tuesday, hitting $907.90. 357,833 shares of the company were exchanged, compared to its average volume of 1,115,616. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.63 and a current ratio of 2.36. KLA has a 12-month low of $551.33 and a 12-month high of $915.05. The company has a fifty day moving average price of $740.39 and a 200-day moving average price of $710.94. The firm has a market capitalization of $120.06 billion, a PE ratio of 38.21, a P/E/G ratio of 1.57 and a beta of 1.40.

KLA (NASDAQ:KLAC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The semiconductor company reported $8.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $8.08 by $0.33. KLA had a net margin of 29.58% and a return on equity of 108.60%. The business had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter last year, the firm earned $5.26 EPS. The business's revenue was up 35.5% compared to the same quarter last year. As a group, equities research analysts expect that KLA will post 31.59 EPS for the current year.

KLA announced that its Board of Directors has approved a stock buyback program on Wednesday, April 30th that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at KLA

In related news, CFO Bren D. Higgins sold 7,008 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $724.62, for a total transaction of $5,078,136.96. Following the transaction, the chief financial officer now owns 28,798 shares in the company, valued at $20,867,606.76. This trade represents a 19.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Richard P. Wallace sold 10,802 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $683.30, for a total value of $7,381,006.60. Following the completion of the sale, the chief executive officer now owns 78,740 shares of the company's stock, valued at approximately $53,803,042. This represents a 12.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,829 shares of company stock valued at $13,240,166 over the last ninety days. Insiders own 0.12% of the company's stock.

Institutional Investors Weigh In On KLA

A number of institutional investors and hedge funds have recently made changes to their positions in KLAC. First Hawaiian Bank lifted its position in KLA by 24.0% during the 1st quarter. First Hawaiian Bank now owns 1,554 shares of the semiconductor company's stock worth $1,056,000 after acquiring an additional 301 shares during the period. Inspire Investing LLC increased its stake in KLA by 9.3% in the 1st quarter. Inspire Investing LLC now owns 16,370 shares of the semiconductor company's stock valued at $11,128,000 after buying an additional 1,389 shares during the period. Modern Wealth Management LLC raised its position in KLA by 22.3% during the 1st quarter. Modern Wealth Management LLC now owns 400 shares of the semiconductor company's stock worth $272,000 after buying an additional 73 shares during the last quarter. Strs Ohio purchased a new stake in shares of KLA in the first quarter valued at about $26,473,000. Finally, Advisors Capital Management LLC increased its stake in shares of KLA by 2.5% during the first quarter. Advisors Capital Management LLC now owns 3,819 shares of the semiconductor company's stock worth $2,597,000 after acquiring an additional 92 shares during the period. 86.65% of the stock is owned by hedge funds and other institutional investors.

KLA Company Profile

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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