Applied Materials Trading Up 4.8% on Strong Earnings (AMAT)
Applied Materials (NASDAQ:AMAT) shares were up 4.8% during mid-day trading on Friday following a stronger than expected earnings report, Analyst RN reports. The stock traded as high as $22.59 and last traded at $22.16, with a volume of 16,608,641 shares. The stock had previously closed at $21.15.
The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.29 billion.
Several analysts have recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Applied Materials in a research note on Friday. They now have a $22.00 price target on the stock. Separately, analysts at Credit Suisse reiterated a “neutral” rating on shares of Applied Materials in a research note on Friday. They now have a $22.00 price target on the stock, up previously from $21.00. Six investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $24.40.
The stock’s 50-day moving average is $21.99 and its 200-day moving average is $20.19. The company has a market cap of $26.941 billion and a price-to-earnings ratio of 30.04. Applied Materials also saw unusually large options trading on Wednesday. Investors acquired 65,197 call options on the company. This is an increase of approximately 579% compared to the average daily volume of 9,608 call options.
Applied Materials, Inc (NASDAQ:AMAT) provides manufacturing equipment, services and software to the global semiconductor, flat panel display, solar photovoltaic (PV) and related industries.
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