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

Applied Materials (NASDAQ:AMAT) had its target price dropped by Wells Fargo & Company from $235.00 to $220.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the manufacturing equipment provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 18.28% from the stock’s previous close.

Several other equities analysts have also weighed in on AMAT. Susquehanna cut their price objective on shares of Applied Materials from $190.00 to $170.00 and set a “neutral” rating on the stock in a research report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $250.00 price objective on shares of Applied Materials in a research note on Tuesday, October 8th. TD Cowen lowered their target price on shares of Applied Materials from $250.00 to $230.00 and set a “buy” rating on the stock in a research report on Friday. Mizuho reduced their price target on Applied Materials from $245.00 to $225.00 and set an “outperform” rating for the company in a research report on Friday, September 20th. Finally, Stifel Nicolaus lowered their price objective on Applied Materials from $270.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $219.81.

Applied Materials Price Performance

AMAT stock opened at $186.00 on Friday. The firm has a 50-day moving average of $190.88 and a two-hundred day moving average of $207.13. Applied Materials has a one year low of $141.94 and a one year high of $255.89. The company has a current ratio of 2.86, a quick ratio of 2.09 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $153.34 billion, a PE ratio of 20.90, a P/E/G ratio of 2.24 and a beta of 1.56.

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

Hedge Funds Weigh In On Applied Materials

Hedge funds have recently added to or reduced their stakes in the stock. M&G Plc bought a new position in Applied Materials during the 1st quarter worth approximately $2,645,000. Nicolet Advisory Services LLC grew its holdings in shares of Applied Materials by 7.6% in the 1st quarter. Nicolet Advisory Services LLC now owns 2,827 shares of the manufacturing equipment provider’s stock valued at $595,000 after buying an additional 200 shares during the period. TIAA Trust National Association increased its position in shares of 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 buying an additional 328 shares in the last quarter. Acadian Asset Management LLC raised its stake in Applied Materials by 218.9% during the 1st quarter. Acadian Asset Management LLC now owns 825,308 shares of the manufacturing equipment provider’s stock worth $170,182,000 after buying an additional 566,516 shares during the period. Finally, Patten & Patten Inc. TN lifted its holdings in Applied Materials by 5.4% during the first 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 in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

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.