Needham & Company LLC Issues Pessimistic Forecast for Ultra Clean (NASDAQ:UCTT) Stock Price

Ultra Clean (NASDAQ:UCTT) had its price objective decreased by Needham & Company LLC from $40.00 to $26.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 39.04% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Oppenheimer dropped their target price on shares of Ultra Clean from $60.00 to $30.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. TD Cowen lowered their price objective on shares of Ultra Clean from $48.00 to $32.00 and set a “buy” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Ultra Clean Stock Performance

Shares of NASDAQ UCTT opened at $18.70 on Tuesday. The firm has a fifty day moving average price of $22.39 and a 200-day moving average price of $31.95. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.75 and a quick ratio of 1.63. The stock has a market cap of $843.97 million, a PE ratio of 233.78, a price-to-earnings-growth ratio of 0.51 and a beta of 2.14. Ultra Clean has a 1 year low of $16.66 and a 1 year high of $56.47.

Ultra Clean (NASDAQ:UCTT) last announced its quarterly earnings data on Monday, April 28th. The semiconductor company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.03). The firm had revenue of $518.60 million during the quarter, compared to analysts’ expectations of $526.13 million. Ultra Clean had a return on equity of 4.08% and a net margin of 0.18%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the company earned $0.27 earnings per share. Equities analysts anticipate that Ultra Clean will post 1.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Bill Bentinck purchased 3,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $25.17 per share, with a total value of $75,510.00. Following the transaction, the insider now owns 60,695 shares of the company’s stock, valued at approximately $1,527,693.15. This trade represents a 5.20 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ernest E. Maddock purchased 10,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $24.29 per share, for a total transaction of $242,900.00. Following the completion of the transaction, the director now directly owns 11,000 shares in the company, valued at $267,190. This trade represents a 1,000.00 % increase in their position. The disclosure for this purchase can be found here. 2.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ultra Clean

Several institutional investors and hedge funds have recently modified their holdings of the business. New York State Common Retirement Fund raised its stake in shares of Ultra Clean by 132.6% during the 4th quarter. New York State Common Retirement Fund now owns 36,225 shares of the semiconductor company’s stock worth $1,302,000 after buying an additional 20,650 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Ultra Clean by 694.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 977 shares of the semiconductor company’s stock worth $35,000 after buying an additional 854 shares during the period. Principal Financial Group Inc. raised its stake in shares of Ultra Clean by 3.1% during the 4th quarter. Principal Financial Group Inc. now owns 219,821 shares of the semiconductor company’s stock worth $7,903,000 after buying an additional 6,546 shares during the period. Barclays PLC raised its stake in shares of Ultra Clean by 395.1% during the 3rd quarter. Barclays PLC now owns 83,577 shares of the semiconductor company’s stock worth $3,337,000 after buying an additional 66,695 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Ultra Clean by 27.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 506,107 shares of the semiconductor company’s stock worth $20,209,000 after buying an additional 110,403 shares during the period. Hedge funds and other institutional investors own 96.06% of the company’s stock.

Ultra Clean Company Profile

Ultra Clean Holdings, Inc develops and supplies critical subsystems, components and parts, and ultra-high purity cleaning and analytical services for the semiconductor industry in the United States and internationally. The company provides ultra-clean valves, high purity connectors, industrial process connectors and valves, pneumatic actuators, manifolds and safety solutions, hoses, pressure gauges, and gas line and component heaters; chemical delivery modules that deliver gases and reactive chemicals in a liquid or gaseous form from a centralized subsystem to the reaction chamber; and gas delivery systems, such as weldments, filters, mass flow controllers, regulators, pressure transducers and valves, component heaters, and an integrated electronic and/or pneumatic control system.