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

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

Several other research analysts also recently issued reports on LRCX. Citigroup cut their price target on Lam Research from $99.00 to $89.30 and set a “buy” rating for the company in a research note on Monday, September 16th. Morgan Stanley reduced their price target on shares of Lam Research from $81.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 23rd. Stifel Nicolaus restated a “buy” rating and set a $100.00 price objective (down from $105.00) on shares of Lam Research in a research report on Thursday, October 24th. Wells Fargo & Company lowered their target price on Lam Research from $88.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday, October 24th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $100.00 price target on shares of Lam Research in a report on Thursday, October 24th. Eight analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $97.29.

Lam Research Stock Performance

NASDAQ:LRCX opened at $71.57 on Friday. The firm’s fifty day simple moving average is $76.62 and its 200-day simple moving average is $86.79. The company has a quick ratio of 1.74, a current ratio of 2.53 and a debt-to-equity ratio of 0.53. The stock 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. Lam Research has a fifty-two week low of $68.72 and a fifty-two week high of $113.00.

Lam Research (NASDAQ:LRCX) last issued its earnings results on Wednesday, October 23rd. The semiconductor company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.05. Lam Research had a net margin of 26.02% and a return on equity of 50.60%. The company had revenue of $4.17 billion during the quarter, compared to analysts’ expectations of $4.06 billion. During the same period last year, the company posted $6.85 earnings per share. The firm’s quarterly revenue was up 19.7% compared to the same quarter last year. Analysts expect that Lam Research will post 3.52 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Christina Correia sold 647 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $817.51, for a total value of $528,928.97. Following the transaction, the chief accounting officer now owns 4,267 shares of the company’s stock, valued at approximately $3,488,315.17. This trade represents a 13.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Lam Research

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. purchased a new stake in Lam Research during the 2nd quarter worth $32,000. RFP Financial Group LLC increased its stake 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 buying an additional 12 shares during the period. Hobbs Group Advisors LLC purchased a new stake in Lam Research during the 2nd quarter worth $40,000. Country Trust Bank purchased a new stake in Lam Research during the 2nd quarter worth $43,000. Finally, MFA Wealth Advisors LLC purchased a new stake in Lam Research during the 2nd quarter worth $45,000. Hedge funds and other institutional investors own 84.61% of the company’s stock.

Lam Research Company Profile

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.