Piper Sandler Lowers Applied Materials (NASDAQ:AMAT) Price Target to $132.00

Applied Materials (NASDAQ:AMATGet Rating) had its target price cut by stock analysts at Piper Sandler from $153.00 to $132.00 in a note issued to investors on Friday, The Fly reports. The firm presently has a “neutral” rating on the manufacturing equipment provider’s stock. Piper Sandler’s target price suggests a potential upside of 19.20% from the company’s current price.

Other equities analysts also recently issued research reports about the company. StockNews.com initiated coverage on Applied Materials in a research note on Thursday, March 31st. They set a “buy” rating for the company. Barclays cut their target price on Applied Materials from $165.00 to $150.00 and set an “equal weight” rating on the stock in a research note on Monday, April 25th. Wells Fargo & Company cut their target price on Applied Materials from $180.00 to $135.00 and set an “overweight” rating on the stock in a research note on Monday, April 18th. KeyCorp began coverage on Applied Materials in a research note on Tuesday, January 25th. They issued a “sector weight” rating on the stock. Finally, B. Riley cut their target price on Applied Materials from $175.00 to $145.00 in a research note on Monday. Eight equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $163.46.

AMAT stock opened at $110.74 on Friday. The stock has a 50-day moving average price of $120.15 and a 200-day moving average price of $136.53. Applied Materials has a 1-year low of $102.99 and a 1-year high of $167.06. The company has a current ratio of 2.51, a quick ratio of 1.78 and a debt-to-equity ratio of 0.46. The firm has a market cap of $97.83 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 1.38 and a beta of 1.44.

Applied Materials (NASDAQ:AMATGet Rating) last issued its earnings results on Thursday, May 19th. The manufacturing equipment provider reported $1.85 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.05). The firm had revenue of $6.25 billion during the quarter, compared to analyst estimates of $6.35 billion. Applied Materials had a net margin of 27.10% and a return on equity of 55.62%. The business’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.63 earnings per share. On average, analysts forecast that Applied Materials will post 8.02 earnings per share for the current year.

Applied Materials announced that its Board of Directors has initiated a stock buyback program on Friday, March 11th that authorizes the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization authorizes the manufacturing equipment provider to buy up to 5.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

A number of hedge funds have recently modified their holdings of AMAT. Eagle Capital Management LLC purchased a new stake in Applied Materials in the second quarter worth approximately $4,052,000. Morgan Stanley raised its position in shares of Applied Materials by 36.1% during the 2nd quarter. Morgan Stanley now owns 5,498,783 shares of the manufacturing equipment provider’s stock valued at $783,027,000 after purchasing an additional 1,458,640 shares during the period. Merriman Wealth Management LLC raised its position in shares of Applied Materials by 24.8% during the 3rd quarter. Merriman Wealth Management LLC now owns 2,040 shares of the manufacturing equipment provider’s stock valued at $263,000 after purchasing an additional 405 shares during the period. B. Riley Wealth Management Inc. raised its position in shares of Applied Materials by 12.5% during the 3rd quarter. B. Riley Wealth Management Inc. now owns 5,023 shares of the manufacturing equipment provider’s stock valued at $647,000 after purchasing an additional 559 shares during the period. Finally, People s United Financial Inc. raised its position in shares of Applied Materials by 1.0% during the 3rd quarter. People s United Financial Inc. now owns 51,708 shares of the manufacturing equipment provider’s stock valued at $6,656,000 after purchasing an additional 529 shares during the period. Institutional investors own 77.90% of the company’s stock.

About Applied Materials (Get Rating)

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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