Needham Believes Applied Materials (NASDAQ: AMAT) Still Has Room to Grow

Needham analyst Quinn Bolton assigned a Buy rating to Applied Materials (AMATResearch Report) today and set a price target of $130.00. The company’s shares closed last Thursday at $113.43, close to its 52-week high of $121.13.

According to, Bolton is a top 25 analyst with an average return of 47.1% and a 79.3% success rate. Bolton covers the Technology sector, focusing on stocks such as MACOM Technology Solutions Holdings, Allegro MicroSystems, and Ultra Clean Holdings.

Currently, the analyst consensus on Applied Materials is a Strong Buy with an average price target of $129.65, representing a 13.7% upside. In a report issued on February 4, Craig-Hallum also maintained a Buy rating on the stock with a $124.00 price target.

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Applied Materials’ market cap is currently $104.1B and has a P/E ratio of 29.50. The company has a Price to Book ratio of 15.26.

Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of AMAT in relation to earlier this year.

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Applied Materials, Inc. engages in the provision of materials engineering solutions used to produce new chip and advanced display. It operates through the following segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment includes semiconductor capital equipment for deposition, etch, ion implantation, rapid thermal processing, chemical mechanical planarization, metrology and inspection, and wafer level packaging. The Applied Global Services segment provides solutions to optimize equipment, performance, and productivity. The Display and Adjacent Markets segment offers products for manufacturing liquid crystal displays, organic light-emitting diodes; coating systems and display technologies for television; personal computers, tablets, smart phones, and consumer-oriented devices. The company was founded on November 10, 1967 and is headquartered in Santa Clara, CA.