Applied Materials (NASDAQ:AMAT) Price Target Lowered to $205.00 at Citigroup

Key Points

• Applied Materials has had its price target decreased by Citigroup from $220.00 to $205.00, maintaining a "buy" rating, indicating a potential upside of 25.35% from its current price.
• Other analysts have also revised their opinions, with Evercore ISI setting a target of $209.00 while UBS reduced theirs to $180.00, showcasing mixed sentiments on the company’s future performance.
• Despite recent sell-offs, Applied Materials reported $2.48 earnings per share for the last quarter, exceeding expectations and reflecting a year-over-year revenue increase of 7.7% to $7.30 billion.

Applied Materials (NASDAQ:AMAT - Get Free Report) had its target price decreased by analysts at Citigroup from $220.00 to $205.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the manufacturing equipment provider's stock. Citigroup's price target would indicate a potential upside of 25.35% from the stock's current price.

A number of other equities research analysts have also weighed in on AMAT. Evercore ISI reiterated an "outperform" rating and set a $209.00 target price on shares of Applied Materials in a research note on Friday. UBS Group reduced their target price on shares of Applied Materials from $185.00 to $180.00 and set a "neutral" rating on the stock in a research report on Friday. Wall Street Zen downgraded shares of Applied Materials from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. Rothschild & Co Redburn downgraded shares of Applied Materials from a "buy" rating to a "neutral" rating and set a $200.00 price objective for the company. in a research note on Monday, July 7th. Finally, Wells Fargo & Company lowered their price objective on shares of Applied Materials from $215.00 to $205.00 and set an "overweight" rating for the company in a research note on Friday. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $196.04.

Applied Materials Price Performance

Applied Materials stock traded down $24.69 during mid-day trading on Friday, reaching $163.55. 15,560,115 shares of the company were exchanged, compared to its average volume of 7,284,973. Applied Materials has a 12 month low of $123.74 and a 12 month high of $215.70. The company has a fifty day simple moving average of $184.28 and a 200-day simple moving average of $166.78. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.46 and a quick ratio of 1.76. The firm has a market cap of $131.25 billion, a PE ratio of 19.96, a PEG ratio of 2.12 and a beta of 1.70.

Applied Materials (NASDAQ:AMAT - Get Free Report) last released its earnings results on Thursday, August 14th. The manufacturing equipment provider reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.12. Applied Materials had a return on equity of 40.15% and a net margin of 24.06%. The company had revenue of $7.30 billion during the quarter, compared to analyst estimates of $7.21 billion. During the same period in the prior year, the company posted $2.12 earnings per share. Applied Materials's quarterly revenue was up 7.7% on a year-over-year basis. As a group, equities research analysts expect that Applied Materials will post 9.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Applied Materials news, CAO Adam Sanders sold 562 shares of Applied Materials stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $178.60, for a total value of $100,373.20. Following the transaction, the chief accounting officer directly owned 5,300 shares in the company, valued at approximately $946,580. The trade was a 9.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Skye Global Management LP purchased a new stake in Applied Materials during the fourth quarter worth about $45,862,000. Value Partners Investments Inc. boosted its holdings in Applied Materials by 8.7% during the fourth quarter. Value Partners Investments Inc. now owns 9,896 shares of the manufacturing equipment provider's stock worth $1,608,000 after buying an additional 793 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. purchased a new stake in Applied Materials during the first quarter worth about $230,000. Generali Investments Towarzystwo Funduszy Inwestycyjnych boosted its holdings in Applied Materials by 12.7% during the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 26,650 shares of the manufacturing equipment provider's stock worth $3,867,000 after buying an additional 3,000 shares in the last quarter. Finally, Humankind Investments LLC lifted its holdings in shares of Applied Materials by 28.2% in the fourth quarter. Humankind Investments LLC now owns 1,503 shares of the manufacturing equipment provider's stock valued at $244,000 after purchasing an additional 331 shares in the last quarter. 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.

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