FormFactor, Inc. (NASDAQ:FORM – Get Free Report)’s share price gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $28.14, but opened at $31.96. FormFactor shares last traded at $32.11, with a volume of 459,291 shares traded.
The semiconductor company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.04. The company had revenue of $171.36 million for the quarter, compared to analysts’ expectations of $170.03 million. FormFactor had a return on equity of 5.93% and a net margin of 9.12%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share.
Analysts Set New Price Targets
A number of brokerages have recently commented on FORM. Evercore ISI dropped their price target on FormFactor from $43.00 to $33.00 and set an “in-line” rating on the stock in a research report on Thursday. DA Davidson cut their price objective on shares of FormFactor from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday. Needham & Company LLC reaffirmed a “hold” rating on shares of FormFactor in a report on Thursday. Citigroup raised FormFactor from a “neutral” rating to a “buy” rating and upped their price objective for the company from $44.00 to $51.00 in a research report on Monday, January 6th. Finally, Stifel Nicolaus decreased their price target on FormFactor from $48.00 to $42.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $42.71.
Insider Activity
In other FormFactor news, CEO Mike Slessor sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $28.24, for a total transaction of $112,960.00. Following the completion of the sale, the chief executive officer now directly owns 514,650 shares of the company’s stock, valued at approximately $14,533,716. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 12,000 shares of company stock valued at $395,760 in the last quarter. 0.90% of the stock is currently owned by insiders.
Institutional Investors Weigh In On FormFactor
Hedge funds and other institutional investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio bought a new position in shares of FormFactor in the fourth quarter worth about $27,000. Pinpoint Asset Management Ltd purchased a new position in FormFactor during the fourth quarter valued at approximately $43,000. Manchester Capital Management LLC increased its stake in shares of FormFactor by 63.8% in the fourth quarter. Manchester Capital Management LLC now owns 1,130 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 440 shares in the last quarter. Versant Capital Management Inc increased its stake in shares of FormFactor by 256.3% in the first quarter. Versant Capital Management Inc now owns 1,197 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 861 shares in the last quarter. Finally, IFP Advisors Inc raised its position in shares of FormFactor by 4,732.4% during the 4th quarter. IFP Advisors Inc now owns 1,643 shares of the semiconductor company’s stock valued at $72,000 after purchasing an additional 1,609 shares during the period. 98.76% of the stock is currently owned by hedge funds and other institutional investors.
FormFactor Stock Performance
The company has a market cap of $2.33 billion, a PE ratio of 34.00 and a beta of 1.14. The company has a current ratio of 4.61, a quick ratio of 3.83 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $29.16 and its two-hundred day moving average is $37.26.
FormFactor Company Profile
FormFactor, Inc designs, manufactures, and sells probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems to semiconductor companies and scientific institutions in the United States, Taiwan, South Korea, China, Europe, Japan, Malaysia, Singapore, and internationally.
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