Wells Fargo Remains a Buy on Applied Materials (AMAT)

Wells Fargo analyst Aaron Rakers maintained a Buy rating on Applied Materials (AMATResearch Report) yesterday. The company’s shares closed last Thursday at $105.80.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 25.1% and a 71.6% success rate. Rakers covers the Technology sector, focusing on stocks such as Advanced Micro Devices, CommVault Systems, and Western Digital.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Applied Materials with a $98.19 average price target, implying a -4.5% downside from current levels. In a report issued on December 30, Needham also assigned a Buy rating to the stock with a $110.00 price target.

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Based on Applied Materials’ latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $4.69 billion and net profit of $1.13 billion. In comparison, last year the company earned revenue of $3.75 billion and had a net profit of $698 million.

Based on the recent corporate insider activity of 34 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.