Wells Fargo & Company Issues Pessimistic Forecast for Applied Materials (NASDAQ:AMAT) Stock Price

Applied Materials (NASDAQ:AMAT) had its price objective cut by stock analysts at Wells Fargo & Company from $235.00 to $220.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the manufacturing equipment provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 18.28% from the stock’s current price.

Several other research analysts have also weighed in on AMAT. Cantor Fitzgerald reiterated an “overweight” rating and set a $250.00 price objective on shares of Applied Materials in a report on Tuesday, October 8th. JPMorgan Chase & Co. increased their price target on shares of Applied Materials from $240.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, August 16th. Susquehanna dropped their price objective on Applied Materials from $190.00 to $170.00 and set a “neutral” rating for the company in a report on Monday. TD Cowen cut their target price on Applied Materials from $250.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday. Finally, B. Riley decreased their price objective on shares of Applied Materials from $300.00 to $280.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Eight research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $219.81.

Applied Materials Stock Performance

NASDAQ AMAT opened at $186.00 on Friday. The company has a quick ratio of 2.09, a current ratio of 2.86 and a debt-to-equity ratio of 0.33. The stock has a market cap of $153.34 billion, a price-to-earnings ratio of 20.90, a price-to-earnings-growth ratio of 2.24 and a beta of 1.56. Applied Materials has a fifty-two week low of $141.94 and a fifty-two week high of $255.89. The business has a fifty day moving average of $190.88 and a 200-day moving average of $207.13.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings results on Thursday, August 15th. The manufacturing equipment provider reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.10. Applied Materials had a return on equity of 39.99% and a net margin of 27.74%. The company had revenue of $6.78 billion during the quarter, compared to the consensus estimate of $6.68 billion. During the same period in the previous year, the firm posted $1.90 EPS. Applied Materials’s revenue was up 5.5% on a year-over-year basis. As a group, analysts predict that Applied Materials will post 8.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Applied Materials

Hedge funds have recently bought and sold shares of the company. M&G Plc bought a new position in shares of Applied Materials in the 1st quarter worth about $2,645,000. Nicolet Advisory Services LLC boosted its stake in Applied Materials by 7.6% during the 1st quarter. Nicolet Advisory Services LLC now owns 2,827 shares of the manufacturing equipment provider’s stock valued at $595,000 after purchasing an additional 200 shares during the period. TIAA Trust National Association increased its position in Applied Materials by 0.6% in the 1st quarter. TIAA Trust National Association now owns 52,373 shares of the manufacturing equipment provider’s stock valued at $10,801,000 after acquiring an additional 328 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Applied Materials by 218.9% during the first quarter. Acadian Asset Management LLC now owns 825,308 shares of the manufacturing equipment provider’s stock valued at $170,182,000 after purchasing an additional 566,516 shares during the period. Finally, Patten & Patten Inc. TN lifted its stake in shares of Applied Materials by 5.4% in the 1st quarter. Patten & Patten Inc. TN now owns 11,833 shares of the manufacturing equipment provider’s stock worth $2,440,000 after acquiring an additional 605 shares during the period. 80.56% of the stock is currently owned by institutional investors and hedge funds.

About Applied Materials

Applied Materials, Inc engages in the provision of manufacturing equipment, services, and software to the semiconductor, display, and related industries. The company 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.