Lam Research Corp. (NASDAQ:LRCX)’s share price fell 4.5% during trading on Wednesday . The company traded as low as $88.28 and last traded at $89.13, with a volume of 3,876,194 shares. The stock had previously closed at $93.29.

A number of brokerages recently commented on LRCX. B. Riley reissued a “buy” rating and issued a $106.00 price objective on shares of Lam Research Corp. in a research note on Thursday, July 28th. Zacks Investment Research raised shares of Lam Research Corp. from a “hold” rating to a “buy” rating and set a $84.00 price objective for the company in a research note on Friday, May 6th. Pacific Crest boosted their price objective on shares of Lam Research Corp. from $96.00 to $101.00 and gave the stock an “overweight” rating in a research note on Thursday, July 28th. Needham & Company LLC reissued a “buy” rating and issued a $105.00 price objective (up previously from $95.00) on shares of Lam Research Corp. in a research note on Thursday, July 28th. Finally, RBC Capital Markets reissued an “outperform” rating and issued a $105.00 price objective (up previously from $95.00) on shares of Lam Research Corp. in a research note on Thursday, July 28th. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Lam Research Corp. presently has an average rating of “Buy” and a consensus price target of $98.82.

The firm has a market cap of $14.28 billion and a P/E ratio of 17.07. The company’s 50 day moving average is $87.71 and its 200-day moving average is $79.59.

Lam Research Corp. (NASDAQ:LRCX) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $1.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.64 by $0.16. The business earned $1.55 billion during the quarter, compared to analysts’ expectations of $1.53 billion. The business’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.50 EPS. On average, equities research analysts anticipate that Lam Research Corp. will post $6.97 EPS for the current year.

Several large investors have recently made changes to their positions in LRCX. American International Group Inc. raised its stake in shares of Lam Research Corp. by 2.0% in the fourth quarter. American International Group Inc. now owns 68,010 shares of the company’s stock worth $5,401,000 after buying an additional 1,317 shares during the last quarter. RS Investment Management Co. LLC raised its stake in shares of Lam Research Corp. by 99.3% in the fourth quarter. RS Investment Management Co. LLC now owns 223,205 shares of the company’s stock worth $17,727,000 after buying an additional 111,210 shares during the last quarter. BlackRock Advisors LLC raised its stake in shares of Lam Research Corp. by 161.3% in the fourth quarter. BlackRock Advisors LLC now owns 403,653 shares of the company’s stock worth $32,058,000 after buying an additional 249,188 shares during the last quarter. Utah Retirement Systems raised its stake in shares of Lam Research Corp. by 0.7% in the fourth quarter. Utah Retirement Systems now owns 28,479 shares of the company’s stock worth $2,261,000 after buying an additional 200 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its stake in shares of Lam Research Corp. by 6.8% in the fourth quarter. State of Tennessee Treasury Department now owns 359,974 shares of the company’s stock worth $28,590,000 after buying an additional 22,972 shares during the last quarter.

Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The Company designs, manufactures, markets, refurbishes and services semiconductor processing systems that are used in the fabrication of integrated circuits (ICs). It operates through manufacturing and servicing of wafer processing semiconductor manufacturing equipment segment.

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