Applied Materials Inc (AMAT) Gets a Buy Rating from Wells Fargo

By Carrie Williams

In a report released yesterday, Aaron Rakers from Wells Fargo maintained a Buy rating on Applied Materials Inc (AMATResearch Report). The company’s shares closed last Monday at $52.09, close to its 52-week high of $52.42.

According to TipRanks.com, Rakers is a 5-star analyst with an average return of 15.0% and a 65.2% success rate. Rakers covers the Consumer Goods sector, focusing on stocks such as Dell Technologies Inc, Cisco Systems Inc, and Pure Storage Inc.

Applied Materials Inc has an analyst consensus of Moderate Buy, with a price target consensus of $51.71, a 0.9% upside from current levels. In a report issued on September 5, Citigroup also reiterated a Buy rating on the stock.

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Based on Applied Materials Inc’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $3.56 billion and net profit of $571 million. In comparison, last year the company earned revenue of $4.47 billion and had a net profit of $1.17 billion.

Based on the recent corporate insider activity of 46 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.