Applied Materials (AMAT) Price Target Cut to $70.00

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Applied Materials (NASDAQ:AMAT) had its price target dropped by analysts at Stifel Nicolaus from $75.00 to $70.00 in a research report issued to clients and investors on Friday. The firm currently has a “buy” rating on the manufacturing equipment provider’s stock. Stifel Nicolaus’ target price indicates a potential upside of 59.93% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley cut shares of Applied Materials from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $58.00 to $54.00 in a research report on Thursday, August 9th. Wells Fargo & Co reduced their price objective on shares of Applied Materials from $65.00 to $60.00 and set an “outperform” rating for the company in a research report on Friday. Cowen began coverage on shares of Applied Materials in a research report on Monday, May 14th. They set a “market perform” rating and a $60.00 price objective for the company. Needham & Company LLC reduced their price objective on shares of Applied Materials from $72.00 to $68.00 and set a “strong-buy” rating for the company in a research report on Monday, May 21st. Finally, Citigroup reduced their price objective on shares of Applied Materials from $78.00 to $73.00 and set a “buy” rating for the company in a research report on Friday, July 13th. One analyst has rated the stock with a sell rating, six have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $61.64.

AMAT stock opened at $43.77 on Friday. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.60 and a quick ratio of 1.83. Applied Materials has a one year low of $42.62 and a one year high of $62.40. The firm has a market cap of $48.52 billion, a price-to-earnings ratio of 13.47, a P/E/G ratio of 0.80 and a beta of 1.63.

Applied Materials (NASDAQ:AMAT) last released its quarterly earnings data on Thursday, August 16th. The manufacturing equipment provider reported $1.20 EPS for the quarter, topping the Zacks’ consensus estimate of $1.17 by $0.03. Applied Materials had a net margin of 19.24% and a return on equity of 51.65%. The firm had revenue of $4.47 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same period in the previous year, the business posted $0.86 earnings per share. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. sell-side analysts anticipate that Applied Materials will post 4.58 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wetherby Asset Management Inc. lifted its holdings in shares of Applied Materials by 5.2% during the first quarter. Wetherby Asset Management Inc. now owns 19,210 shares of the manufacturing equipment provider’s stock worth $1,068,000 after buying an additional 955 shares in the last quarter. IHT Wealth Management LLC raised its stake in Applied Materials by 18.7% in the first quarter. IHT Wealth Management LLC now owns 6,121 shares of the manufacturing equipment provider’s stock valued at $324,000 after purchasing an additional 965 shares in the last quarter. Blue Pool Management Ltd. raised its stake in Applied Materials by 0.4% in the first quarter. Blue Pool Management Ltd. now owns 265,500 shares of the manufacturing equipment provider’s stock valued at $14,764,000 after purchasing an additional 1,000 shares in the last quarter. 180 Wealth Advisors LLC raised its stake in Applied Materials by 8.5% in the second quarter. 180 Wealth Advisors LLC now owns 12,761 shares of the manufacturing equipment provider’s stock valued at $589,000 after purchasing an additional 1,001 shares in the last quarter. Finally, Cadence Capital Management LLC raised its stake in Applied Materials by 17.9% in the second quarter. Cadence Capital Management LLC now owns 6,702 shares of the manufacturing equipment provider’s stock valued at $310,000 after purchasing an additional 1,018 shares in the last quarter. 78.36% of the stock is owned by institutional investors.

About Applied Materials

Applied Materials, Inc provides manufacturing equipment, services, and software to the semiconductor, display, and related industries worldwide. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells a range of manufacturing equipment used to fabricate semiconductor chips or integrated circuits.

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Analyst Recommendations for Applied Materials (NASDAQ:AMAT)

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