FormFactor Inc. (FORM) Coverage Initiated at Craig Hallum
Research analysts at Craig Hallum started coverage on shares of FormFactor Inc. (NASDAQ:FORM) in a report released on Thursday. The brokerage set a “buy” rating on the stock.
Several other research firms also recently weighed in on FORM. Citigroup Inc. lifted their price target on shares of FormFactor from $8.25 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, August 3rd. TheStreet raised shares of FormFactor from a “hold” rating to a “buy” rating in a research note on Wednesday, August 3rd. B. Riley reaffirmed a “buy” rating and set a $13.00 price target on shares of FormFactor in a research note on Wednesday, August 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 price target (up previously from $11.00) on shares of FormFactor in a research note on Wednesday, August 3rd. Finally, Stifel Nicolaus raised shares of FormFactor from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research note on Tuesday, August 2nd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $11.80.
Shares of FormFactor (NASDAQ:FORM) opened at 9.64 on Thursday. The firm’s 50-day moving average price is $10.23 and its 200 day moving average price is $8.55. The stock has a market capitalization of $680.25 million, a P/E ratio of 28.61 and a beta of 1.14. FormFactor has a 52 week low of $6.15 and a 52 week high of $11.19.
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FormFactor (NASDAQ:FORM) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.02. FormFactor had a net margin of 7.27% and a return on equity of 0.11%. The firm earned $83.10 million during the quarter, compared to the consensus estimate of $78.23 million. During the same quarter in the previous year, the firm posted $0.11 earnings per share. The company’s revenue was up 55.0% on a year-over-year basis. Analysts expect that FormFactor will post $0.47 earnings per share for the current year.
In other FormFactor news, Director Richard Delateur sold 10,000 shares of FormFactor stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $10.74, for a total value of $107,400.00. Following the transaction, the director now directly owns 22,000 shares of the company’s stock, valued at $236,280. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis Thomas St sold 23,120 shares of FormFactor stock in a transaction on Friday, August 5th. The stock was sold at an average price of $10.51, for a total transaction of $242,991.20. Following the completion of the transaction, the director now directly owns 164,933 shares in the company, valued at $1,733,445.83. The disclosure for this sale can be found here. 2.84% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Primecap Management Co. CA raised its position in FormFactor by 1.4% in the first quarter. Primecap Management Co. CA now owns 8,336,959 shares of the company’s stock valued at $60,610,000 after buying an additional 114,041 shares in the last quarter. Boothbay Fund Management LLC purchased a new position in FormFactor during the first quarter valued at about $106,000. Bank of Montreal Can purchased a new position in FormFactor during the second quarter valued at about $183,000. Menta Capital LLC raised its position in FormFactor by 85.2% in the first quarter. Menta Capital LLC now owns 31,213 shares of the company’s stock valued at $227,000 after buying an additional 14,357 shares in the last quarter. Finally, Royce & Associates LP raised its position in FormFactor by 16.9% in the second quarter. Royce & Associates LP now owns 1,419,059 shares of the company’s stock valued at $12,757,000 after buying an additional 204,852 shares in the last quarter. 89.46% of the stock is currently owned by institutional investors and hedge funds.
FormFactor, Inc designs, develops, manufactures, sells and supports semiconductor probe card products. The Company is a supplier of probe cards to the manufacturers of dynamic random-access memory (DRAM), flash memory devices, microprocessor, chipset and other system on chip (SoC) devices. Semiconductor manufacturers use its probe cards to perform wafer test, which is the testing of the semiconductor die, or chips.
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