5 Best Automation Stocks To Buy Now

3. Applied Materials, Inc. (NASDAQ:AMAT)

Number of Hedge Fund Holders: 67

Applied Materials, Inc. (NASDAQ:AMAT) is a California-based company that engages in the provision of 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 company provides factory automation software for semiconductors and discrete manufacturing. 

On December 7, Loop Capital analyst Scott Graham initiated coverage of Applied Materials, Inc. (NASDAQ:AMAT) with a Buy rating and a $125 price target. The company’s Semiconductor sales should outperform the overall WFE capex, both during the present downturn and when capex turns positive again in Q3 of FY24, the analyst told investors in a research note. 

According to Insider Monkey’s Q3 data, Applied Materials, Inc. (NASDAQ:AMAT) was part of 67 hedge fund portfolios, with collective stakes worth $3.8 billion. David Blood and Al Gore’s Generation Investment Management is the largest position holder in the company, with 6.70 million shares valued at $549 million. 

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