Lam Research Corp. (NASDAQ:LRCX) reached a new 52-week high during trading on Tuesday . The company traded as high as $94.88 and last traded at $94.36, with a volume of 1,424,365 shares traded. The stock had previously closed at $93.20.

LRCX has been the subject of a number of research analyst reports. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $100.00 target price on shares of Lam Research Corp. in a research report on Sunday, August 14th. 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 research report on Thursday, July 28th. Cowen and Company boosted their price objective on shares of Lam Research Corp. from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, July 26th. Zacks Investment Research raised shares of Lam Research Corp. from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a research report on Friday, July 29th. Finally, Nomura downgraded shares of Lam Research Corp. from a “buy” rating to a “neutral” rating and cut their price objective for the company from $95.00 to $85.00 in a research report on Thursday, August 11th. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $99.21.

The stock’s 50 day moving average is $89.56 and its 200 day moving average is $80.92. The firm has a market cap of $14.99 billion and a PE ratio of 17.92.

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

A number of hedge funds have recently added to or reduced their stakes in LRCX. Marshall Wace LLP purchased a new stake in Lam Research Corp. during the fourth quarter valued at approximately $1,768,000. Utah Retirement Systems raised its stake in Lam Research Corp. by 0.7% in the fourth quarter. Utah Retirement Systems now owns 28,479 shares of the company’s stock valued at $2,261,000 after buying an additional 200 shares in the last quarter. I.G. Investment Management LTD. raised 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 in the last quarter. American International Group Inc. raised its stake in Lam Research Corp. by 2.0% in the fourth quarter. American International Group Inc. now owns 68,010 shares of the company’s stock valued at $5,401,000 after buying an additional 1,317 shares in the last quarter. Finally, Principal Financial Group Inc. raised 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 in 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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