Judy Bruner, who serves on the board of Applied Materials Inc (NASDAQ: AMAT), disposed of company shares totaling $1.49 million on February 23, 2026, according to a Form 4 filing with the Securities and Exchange Commission.
The filing shows two groups of transactions. In the first, Bruner sold 2,458 shares at a weighted average price of $376.49, producing proceeds of $925,592. These shares were sold across multiple trades at prices ranging from $376.10 to $376.6975. In a separate series of transactions, Bruner sold 1,511 shares at a weighted average price of $377.89, totaling $571,222.59; those transactions executed at prices between $377.72 and $378.05.
All of the sales were carried out indirectly through a family trust. After the transactions, Bruner continues to hold an indirect stake of 28,589 shares through that trust. In addition, she directly owns 1,583 restricted stock units, which are scheduled to convert into common shares in March 2026 upon vesting.
At the time of the sales, Applied Materials shares were trading at $377.93, roughly 1 percent below the stock's 52-week high of $380.51. The semiconductor equipment maker has seen significant appreciation over the past year, with shares up 126 percent over the last 12 months.
Investment research referenced in the filing notes that, based on InvestingPro's Fair Value calculations, the stock currently appears overvalued. The InvestingPro commentary also indicates that users can access additional ProTips and financial metrics for AMAT through their platform.
Separately, a number of brokerages and research firms have adjusted their outlooks for Applied Materials, increasing price targets and issuing Buy ratings. TD Cowen raised its price target to $450 and maintained a Buy rating, citing growth potential in the semiconductor systems market. RBC Capital lifted its target to $430, attributing the change to robust results supported by a healthy wafer fabrication equipment environment. Craig-Hallum upgraded the stock to Buy, pointing to expectations for strong semiconductor equipment growth driven by demand for AI. Needham raised its price target to $440 and described the recent quarterly results as a notable success. Summit Insights also upgraded the stock to Buy, anticipating increased spending in areas such as artificial intelligence and Internet of Things.
These analyst moves reflect a broad group of firms expressing optimism about Applied Materials' future revenue drivers. The filings and research notes provide a snapshot of insider activity juxtaposed with elevated market enthusiasm and fair value assessments.
Clear summary
On February 23, 2026, Applied Materials director Judy Bruner sold a total of 3,969 shares through a family trust for combined proceeds of $1.49 million. The trades occurred while shares traded near their 52-week high and amid analyst price-target increases; InvestingPro's analysis indicates the stock appears overvalued on a fair value basis.
Key points
- Insider sale: Judy Bruner sold 2,458 shares at a $376.49 weighted average and 1,511 shares at a $377.89 weighted average on Feb. 23, 2026.
- Ownership after sale: Bruner retains indirect ownership of 28,589 shares through a family trust and directly holds 1,583 RSUs that vest into common stock in March 2026.
- Market context: AMAT shares traded at $377.93 at the time of the filing, about 1 percent below the 52-week high; shares are up 126 percent over the past year.
Risks and uncertainties
- Valuation concern: InvestingPro's Fair Value calculations indicate the stock appears overvalued, presenting a valuation risk for investors in the semiconductor equipment sector.
- Insider selling: While the sale was executed through a family trust and Bruner retains significant holdings, insider disposals can raise questions about timing and liquidity needs in the market for AMAT shares.
- Analyst expectations: Multiple analysts have raised price targets and issued Buy ratings; these elevated expectations create execution risk if the company fails to meet growth assumptions in areas like AI and wafer fabrication equipment.