Alta Park Capital LP Invests $19.47 Million in Tower Semiconductor Ltd. $TSEM

Alta Park Capital LP bought a new position in shares of Tower Semiconductor Ltd. (NASDAQ:TSEM) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 165,804 shares of the semiconductor company’s stock, valued at approximately $19,469,000. Tower Semiconductor makes up 2.3% of Alta Park Capital LP’s investment portfolio, making the stock its 17th largest position. Alta Park Capital LP owned approximately 0.15% of Tower Semiconductor at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of Tower Semiconductor during the fourth quarter worth approximately $3,424,000. Cetera Investment Advisers lifted its position in shares of Tower Semiconductor by 10.9% during the fourth quarter. Cetera Investment Advisers now owns 4,836 shares of the semiconductor company’s stock worth $568,000 after purchasing an additional 476 shares in the last quarter. Defiance ETFs LLC acquired a new position in shares of Tower Semiconductor during the fourth quarter worth approximately $38,096,000. Trexquant Investment LP acquired a new position in shares of Tower Semiconductor during the fourth quarter worth approximately $8,334,000. Finally, Amundi lifted its position in shares of Tower Semiconductor by 50.5% during the fourth quarter. Amundi now owns 19,827 shares of the semiconductor company’s stock worth $2,328,000 after purchasing an additional 6,652 shares in the last quarter. 70.51% of the stock is currently owned by institutional investors and hedge funds.

Tower Semiconductor Trading Down 0.5%

TSEM opened at $267.13 on Thursday. The firm’s fifty day moving average is $238.65 and its two-hundred day moving average is $169.91. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.92 and a current ratio of 5.63. The firm has a market cap of $30.04 billion, a PE ratio of 124.25 and a beta of 0.87. Tower Semiconductor Ltd. has a twelve month low of $38.90 and a twelve month high of $302.86.

Tower Semiconductor (NASDAQ:TSEM) last posted its earnings results on Wednesday, May 13th. The semiconductor company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.09. The company had revenue of $413.63 million for the quarter, compared to analyst estimates of $410.72 million. Tower Semiconductor had a net margin of 15.13% and a return on equity of 8.54%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the business posted $0.35 earnings per share. Equities research analysts anticipate that Tower Semiconductor Ltd. will post 2.84 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Benchmark increased their price objective on shares of Tower Semiconductor from $230.00 to $335.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Susquehanna increased their price objective on shares of Tower Semiconductor from $180.00 to $330.00 and gave the company a “positive” rating in a report on Thursday, May 14th. Finally, Wedbush increased their price objective on shares of Tower Semiconductor from $140.00 to $300.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $276.75.

Tower Semiconductor Profile

Tower Semiconductor, traded on NASDAQ under the symbol TSEM, is a specialty foundry company that provides analog and mixed-signal semiconductor manufacturing services to a broad array of customers worldwide. The company focuses on delivering tailored process technologies for high-growth markets, including radio frequency (RF), power management, imaging, automotive electronics, and Internet of Things (IoT) applications. By combining deep process know-how with flexible manufacturing capabilities, Tower Semiconductor supports the development and volume production of advanced semiconductor devices for fabless and integrated device manufacturer customers.

The company’s technology portfolio spans standard and specialty processes such as CMOS, BiCMOS, high-voltage, radio frequency, silicon photonics, micro-electromechanical systems (MEMS) and image sensor production.