Applied Materials (NASDAQ:AMAT) Price Target Raised to $66.00 at Needham & Company LLC

Applied Materials (NASDAQ:AMAT) had its target price boosted by stock analysts at Needham & Company LLC to $66.00 in a research note issued on Friday, November 17th, The Fly reports. The firm presently has a “positive” rating on the manufacturing equipment provider’s stock. Needham & Company LLC’s price target would suggest a potential upside of 27.14% from the stock’s current price.

AMAT has been the subject of several other research reports. Credit Suisse Group restated a “buy” rating on shares of Applied Materials in a research report on Tuesday, August 29th. Goldman Sachs Group upgraded Applied Materials from a “neutral” rating to a “buy” rating and boosted their target price for the company from $49.00 to $52.00 in a research report on Wednesday, September 13th. Morgan Stanley restated an “overweight” rating on shares of Applied Materials in a research report on Thursday, September 14th. Bank of America boosted their target price on Applied Materials from $65.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, November 15th. Finally, Vetr upgraded Applied Materials from a “hold” rating to a “buy” rating and set a $48.70 price target for the company in a report on Monday, July 31st. Two investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $60.99.

Shares of Applied Materials (NASDAQ AMAT) opened at $51.91 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.43 and a current ratio of 3.14. Applied Materials has a 52 week low of $30.06 and a 52 week high of $60.89. The firm has a market capitalization of $55,361.34, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 0.99 and a beta of 1.80.

Applied Materials (NASDAQ:AMAT) last issued its quarterly earnings data on Thursday, November 16th. The manufacturing equipment provider reported $0.93 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.02. Applied Materials had a return on equity of 41.51% and a net margin of 23.62%. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.93 billion. During the same period in the previous year, the firm posted $0.66 earnings per share. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. equities analysts predict that Applied Materials will post 3.96 EPS for the current fiscal year.

In other news, VP Thomas F. Larkins sold 30,000 shares of the company’s stock in a transaction on Thursday, October 5th. The stock was sold at an average price of $51.24, for a total transaction of $1,537,200.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Stephen R. Forrest sold 5,000 shares of the company’s stock in a transaction on Friday, November 24th. The stock was sold at an average price of $58.00, for a total value of $290,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Summit Financial Wealth Advisors LLC increased its position in shares of Applied Materials by 0.3% in the 2nd quarter. Summit Financial Wealth Advisors LLC now owns 6,269 shares of the manufacturing equipment provider’s stock valued at $259,000 after acquiring an additional 19 shares during the period. Adirondack Trust Co. increased its position in shares of Applied Materials by 1.1% in the 2nd quarter. Adirondack Trust Co. now owns 3,650 shares of the manufacturing equipment provider’s stock valued at $151,000 after acquiring an additional 40 shares during the period. Affinity Wealth Management increased its position in shares of Applied Materials by 0.8% in the 2nd quarter. Affinity Wealth Management now owns 6,387 shares of the manufacturing equipment provider’s stock valued at $264,000 after acquiring an additional 48 shares during the period. Wunderlich Capital Managemnt increased its position in shares of Applied Materials by 2.9% in the 2nd quarter. Wunderlich Capital Managemnt now owns 3,037 shares of the manufacturing equipment provider’s stock valued at $125,000 after acquiring an additional 87 shares during the period. Finally, Honkamp Krueger Financial Services Inc. increased its position in shares of Applied Materials by 0.5% in the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 20,921 shares of the manufacturing equipment provider’s stock valued at $864,000 after acquiring an additional 97 shares during the period. 78.58% of the stock is currently owned by institutional investors and hedge funds.

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About Applied Materials

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