Yes, only one slot available. 4GB is soldered and you can install 16GB ram to make 20GB. However before purchase you can ask the support to confirm this.
The Acer Swift 3 is a much, much better deal. It's currently selling for the same price at Office Depot but was $470 last couple of weeks. I got it to replace the IdeaPad 330S (the predecessor to the model in this deal). The Acer has all-metal build (the 330S is metal on the top of the lid only, not sure about the 340), much more solid, and a matte IPS screen. The keyboard feels nicer and quieter. It's the 8250U instead of the newer 8265U on the 340, but there's very little difference between the two, and on benchmarks the Acer has much more consistent performance than the 330S, which throttles a lot. The Lenovo's fan is both louder and comes on more often. The downside is the Acer has 16GB Optane plus a regular HDD, but you can replace with a 500GB NVME SSD for around $70. Best laptop purchase I've made in years.
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Compared to that model:
Pros:
Better battery life.
Some 10% performance CPU wise.
Cons:
No touchscreen.
No better GPU.
Compared to that model:
Pros:
Better battery life.
Some 10% performance CPU wise.
Cons:
No touchscreen.
No better GPU.
No reviews I could find
No reviews I could find
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You can also confirm on Lenovo's website, they have listed 2 screen options, 1) and IPS touchscreen, and 2) a non-touch non-IPS.