Lam Research Corp. (NASDAQ:LRCX) shares traded up 2.2% during mid-day trading on Friday . The company traded as high as $93.43 and last traded at $92.92, with a volume of 1,625,755 shares changing hands. The stock had previously closed at $90.93.

A number of research analysts recently issued reports on the stock. Citigroup Inc. boosted their target price on shares of Lam Research Corp. from $94.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Zacks Investment Research upgraded shares of Lam Research Corp. from a “hold” rating to a “buy” rating and set a $104.00 target price for the company in a research report on Friday, July 29th. Stifel Nicolaus boosted their target price on shares of Lam Research Corp. from $93.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Morgan Stanley lifted their price objective on shares of Lam Research Corp. from $95.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, July 28th. Finally, Royal Bank Of Canada cut their price objective on shares of Lam Research Corp. from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, July 28th. Two investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $99.21.

The firm’s 50-day moving average is $89.27 and its 200-day moving average is $80.62. The stock has a market cap of $14.93 billion and a P/E ratio of 17.85.

Lam Research Corp. (NASDAQ:LRCX) last released its earnings results on Wednesday, July 27th. The company reported $1.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.16. During the same quarter last year, the business posted $1.50 EPS. The firm earned $1.55 billion during the quarter, compared to analyst estimates of $1.53 billion. The firm’s revenue was up 4.4% on a year-over-year basis. Equities research analysts predict that Lam Research Corp. will post $6.97 earnings per share for the current fiscal year.

Other hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in Lam Research Corp. by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 254,937 shares of the company’s stock valued at $20,247,000 after buying an additional 7,212 shares during the period. Marshall Wace LLP purchased a new stake in Lam Research Corp. during the fourth quarter valued at approximately $1,768,000. Advisors Asset Management Inc. boosted its stake in Lam Research Corp. by 3.2% in the fourth quarter. Advisors Asset Management Inc. now owns 37,208 shares of the company’s stock valued at $2,955,000 after buying an additional 1,153 shares during the period. I.G. Investment Management LTD. boosted its stake in Lam Research Corp. by 55.1% in the fourth quarter. I.G. Investment Management LTD. now owns 68,200 shares of the company’s stock valued at $5,416,000 after buying an additional 24,234 shares during the period. Finally, State of Tennessee Treasury Department boosted its stake in 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 valued at $28,590,000 after buying an additional 22,972 shares during the period.

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.