Lam Research (NASDAQ:LRCX) Given New $120.00 Price Target at Oppenheimer

Key Points

• Oppenheimer has increased its price target for Lam Research (NASDAQ:LRCX) from $110.00 to $120.00, indicating a potential upside of 30.47% from the previous close.
• Lam Research recently reported a quarterly revenue of $5.17 billion, exceeding analyst expectations, and achieved earnings per share (EPS) of $1.33, beating estimates by $0.12.
• The stock has received 17 buy ratings and only one strong buy rating from analysts, reflecting a consensus average rating of "Moderate Buy" with a price target of $105.38.

Lam Research (NASDAQ:LRCX - Get Free Report) had its price objective upped by equities research analysts at Oppenheimer from $110.00 to $120.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the semiconductor company's stock. Oppenheimer's price target would suggest a potential upside of 27.39% from the stock's current price.

Other analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft set a $70.00 price target on shares of Lam Research and gave the company a "hold" rating in a report on Thursday, April 24th. Morgan Stanley boosted their target price on shares of Lam Research from $82.00 to $87.00 and gave the company an "equal weight" rating in a report on Tuesday, July 1st. Bank of America lowered their price target on Lam Research from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. KeyCorp boosted their target price on Lam Research from $105.00 to $115.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $115.00 target price (up previously from $90.00) on shares of Lam Research in a research report on Tuesday, June 24th. Eight equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Lam Research has an average rating of "Moderate Buy" and an average price target of $106.05.

Lam Research Price Performance

Shares of LRCX stock traded down $0.64 during trading hours on Thursday, hitting $94.20. 3,485,764 shares of the company's stock were exchanged, compared to its average volume of 11,927,961. The company has a market capitalization of $120.49 billion, a PE ratio of 22.71, a PEG ratio of 1.40 and a beta of 1.68. Lam Research has a 12-month low of $56.32 and a 12-month high of $102.59. The business's 50 day simple moving average is $93.65 and its 200-day simple moving average is $82.23. The company has a current ratio of 2.45, a quick ratio of 1.64 and a debt-to-equity ratio of 0.39.

Lam Research (NASDAQ:LRCX - Get Free Report) last issued its earnings results on Wednesday, July 30th. The semiconductor company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. Lam Research had a net margin of 29.07% and a return on equity of 59.69%. The firm had revenue of $5.17 billion for the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last year, the business earned $1.03 earnings per share. The business's revenue was up 33.6% on a year-over-year basis. On average, equities research analysts anticipate that Lam Research will post 3.71 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Lam Research by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 129,152,102 shares of the semiconductor company's stock worth $9,389,358,000 after purchasing an additional 8,364,375 shares during the period. FMR LLC boosted 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 last quarter. Ameriprise Financial Inc. raised its holdings in Lam Research by 950.5% during the 4th quarter. Ameriprise Financial Inc. now owns 34,543,915 shares of the semiconductor company's stock valued at $2,495,128,000 after buying an additional 31,255,726 shares during the period. Invesco Ltd. raised its holdings in Lam Research by 2.8% during the 1st quarter. Invesco Ltd. now owns 17,330,771 shares of the semiconductor company's stock valued at $1,259,947,000 after buying an additional 472,636 shares during the period. Finally, Northern Trust Corp raised its holdings in Lam Research by 1,067.0% during the 4th quarter. Northern Trust Corp now owns 15,869,244 shares of the semiconductor company's stock valued at $1,146,235,000 after buying an additional 14,509,407 shares during the period. 84.61% of the stock is currently owned by institutional investors.

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.