Citigroup Raises Applied Materials (NASDAQ:AMAT) Price Target to $76.00

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Applied Materials (NASDAQ:AMAT) had its price target hoisted by equities research analysts at Citigroup from $70.00 to $76.00 in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the manufacturing equipment provider’s stock. Citigroup‘s price target suggests a potential upside of 13.69% from the company’s previous close.

Several other brokerages have also issued reports on AMAT. Cowen raised their target price on shares of Applied Materials from $75.00 to $78.00 and gave the company an “outperform” rating in a research note on Thursday. Credit Suisse Group reaffirmed an “outperform” rating on shares of Applied Materials in a research note on Friday, November 15th. Bank of America raised shares of Applied Materials from a “neutral” rating to a “buy” rating in a research note on Friday, January 10th. ValuEngine lowered shares of Applied Materials from a “hold” rating to a “sell” rating in a research note on Friday, January 3rd. Finally, Argus reaffirmed a “buy” rating and issued a $72.00 target price on shares of Applied Materials in a research note on Monday, November 18th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and nineteen have given a buy rating to the company’s stock. Applied Materials presently has an average rating of “Buy” and an average price target of $71.04.

Shares of NASDAQ:AMAT opened at $66.85 on Thursday. Applied Materials has a 12 month low of $36.80 and a 12 month high of $69.44. The company’s 50-day moving average price is $61.78 and its two-hundred day moving average price is $55.12. The company has a quick ratio of 1.51, a current ratio of 2.30 and a debt-to-equity ratio of 0.57. The firm has a market cap of $61.41 billion, a P/E ratio of 22.14, a P/E/G ratio of 2.10 and a beta of 1.64.

Applied Materials (NASDAQ:AMAT) last issued its earnings results on Wednesday, February 12th. The manufacturing equipment provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.06. The company had revenue of $4.16 billion for the quarter, compared to analyst estimates of $4.11 billion. Applied Materials had a net margin of 18.83% and a return on equity of 36.69%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.81 EPS. As a group, equities analysts predict that Applied Materials will post 3.92 earnings per share for the current fiscal year.

In other Applied Materials news, SVP Prabu G. Raja sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $60.73, for a total transaction of $3,036,500.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gary E. Dickerson sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $61.11, for a total transaction of $61,110,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 1,053,000 shares of company stock worth $64,335,080 in the last three months. 0.41% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the business. Thrivent Financial for Lutherans raised its holdings in shares of Applied Materials by 0.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 42,104 shares of the manufacturing equipment provider’s stock valued at $2,570,000 after purchasing an additional 151 shares during the last quarter. Wedbush Securities Inc. raised its holdings in shares of Applied Materials by 1.9% in the fourth quarter. Wedbush Securities Inc. now owns 8,679 shares of the manufacturing equipment provider’s stock valued at $530,000 after purchasing an additional 159 shares during the last quarter. Cerebellum GP LLC raised its holdings in shares of Applied Materials by 1.9% in the fourth quarter. Cerebellum GP LLC now owns 9,041 shares of the manufacturing equipment provider’s stock valued at $552,000 after purchasing an additional 172 shares during the last quarter. Optimum Investment Advisors raised its holdings in shares of Applied Materials by 4.8% in the fourth quarter. Optimum Investment Advisors now owns 4,400 shares of the manufacturing equipment provider’s stock valued at $269,000 after purchasing an additional 200 shares during the last quarter. Finally, Checchi Capital Advisers LLC raised its holdings in shares of Applied Materials by 2.5% in the fourth quarter. Checchi Capital Advisers LLC now owns 8,464 shares of the manufacturing equipment provider’s stock valued at $517,000 after purchasing an additional 209 shares during the last quarter. Hedge funds and other institutional investors own 79.81% of the company’s stock.

About Applied Materials

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

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Analyst Recommendations for Applied Materials (NASDAQ:AMAT)

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